Lummis Pushes CLARITY Act to Bring Wyoming Crypto Rules Nationwide
Senator Cynthia Lummis has announced that the CLARITY Act aims to bring Wyoming's approach to digital-asset regulation nationwide. The bill seeks to establish federal rules for the US digital-asset market and define regulatory responsibilities between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
The legislation would categorize certain digital assets, determining which agency has authority over them. It also establishes disclosure requirements for specific digital assets and includes protections for non-custodial software developers.
Lummis stated that Wyoming built a legal framework for digital-asset companies years before federal lawmakers began developing broader crypto rules. The state has passed more than two dozen blockchain-related laws since 2018, including special purpose depository institutions for digital assets and legal definitions covering various types of blockchain-based property.