Lummis Blasts Dems Over Stalled Crypto Bill, Warns of 'Killing' Industry

Republican Senator Cynthia Lummis has expressed frustration at Democrats' handling of the long-awaited Clarity Act. The bill, which aims to formally divide oversight between regulators and clarify whether certain digital assets are securities or commodities, has stalled in the Senate.

Lummis wrote on X that if the bill fails next week, it won't be due to ethics issues, but rather because Democrats refuse to join Republicans in supporting a bipartisan measure that protects consumers, cements America's leadership in digital assets, and empowers law enforcement to combat illicit finance. She accused Democrats of demanding changes that could allow future regulators to 'kill the crypto industry.'

Lummis noted that if there is further compromise from Democrats, she is confident that the bill can pass. The Clarity Act has been delayed due to disagreements between the banking lobby and crypto companies over stablecoin yields.