Lummis Issues Warning: CLARITY Act Passage Linked to Economic Growth

Senator Cynthia Lummis has issued a warning to lawmakers that failing to pass the CLARITY Act in the current Congress could result in significant economic losses. According to Lummis, if the legislation is not passed by this year's end, the next realistic opportunity to advance comprehensive U.S. crypto market-structure legislation may not arrive until 2030.

The Wyoming senator linked a delay to potential losses of jobs, investment, and tax revenue, urging lawmakers to complete the work during the current Congress. Lummis framed the stakes in explicitly economic terms: failing to act now would carry a real economic price, including years of lost jobs, investment, and tax revenue.

The CLARITY Act is described as digital-asset market-structure legislation, which aims to establish formal definitions for digital assets and divide oversight between regulators according to an asset's classification. Without the legislation, the SEC continues to apply the Howey test on a case-by-case basis, without binding rules or procedural protections for the sector.