Lummis Calls for Action on CLARITY Act as Bipartisan Support Grows

Senator Cynthia Lummis has called for action on the CLARITY Act, which has exceeded 600 pages after nearly 11 months of bipartisan negotiations and revisions. The legislation aims to establish a regulatory framework for the crypto market.

Lummis argued that continued delays leave the industry, consumers, and law enforcement without the clarity they need. She noted that lawmakers have made over 100 compromises during the negotiation process.

The bill has expanded from its original framework and now includes stricter definitions to prevent companies from avoiding federal securities laws, as well as an SEC certification process, expanded anti-evasion authority, lower fundraising limits, and restrictions on individuals convicted of fraud or money laundering.