Lummis Blasts Senate Democrats for Blocking Crypto Regulation Bill
Senator Cynthia Lummis has criticized Senate Democrats for blocking the Digital Asset Market Clarity Act, which aimed to clarify regulatory authority over digital assets. The bill failed to advance after a party-line vote on September 15.
Lummis argued that the final version of the legislation preserved the Securities and Exchange Commission's (SEC) authority to police fraud and market manipulation in digital assets. She claimed that Democrats had demanded the SEC retain full authority over these matters, which remained in the bill.
The proposed framework aimed to divide oversight responsibilities between the SEC and the Commodity Futures Trading Commission (CFTC). The final version of the legislation included more than 120 substantive changes requested by Democrats, covering consumer protections, ethics, stablecoins, decentralized finance, and regulatory jurisdiction.