Lummis Pleads with Senate: Pass CLARITY Act Before August Recess

Senator Cynthia Lummis (R-WY) is pressing for a Senate vote on the CLARITY Act before its August recess, citing that the current U.S. regulatory framework for digital assets 'is not working' for the industry, consumers or law enforcement.

Lummis made her case earlier today, arguing that the patchwork of existing rules governing digital assets fails everyone it touches, i.e., companies building in the space, everyday holders, and the agencies meant to police fraud.

The Digital Asset Market Clarity Act (H.R. 3633) would split oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Lummis has separately warned that the bill's current momentum 'will not come around again this decade,' noting that further delays would mean the legislation dies for the year.