Lummis Blasts Democrats Over Crypto Clarity Act Delay

Republican Senator Cynthia Lummis has expressed frustration over the Democrats' delay in passing the long-awaited Clarity Act, which aims to create a regulatory framework for the cryptocurrency market. Speaking on the Crypto in America podcast, Lummis stated that the bill could have been passed months ago but is being held back by Democratic lawmakers.

Lummis claimed that when they started working with Democrats last Labor Day, the Clarity Act was about 300 pages long, but has since grown to around 700 pages due to additions requested by Democrats. She accused them of 'messing around' and 'pussyfooting' around with the bill, which she believes is absurd.

The Clarity Act has been in a deadlock for much of this year, partly due to concerns from the banking lobby over stablecoin yields. However, an updated bill was introduced last week that addressed ethics concerns by banning government officials and their families from issuing or promoting crypto.