Lummis Pushes CLARITY Act to Prevent Crypto Innovation from Leaving the US

Senator Cynthia Lummis is intensifying her advocacy for the CLARITY Act, emphasizing the need for a regulatory framework for digital assets. She warns that without the Act, digital asset innovation may move overseas, affecting U.S. jobs and investment.

The current bankruptcy laws disadvantage consumers, forcing them to compete with creditors, according to Lummis. The CLARITY Act aims to classify digital commodities as customer property, ensuring consumer protection similar to traditional finance.

Lummis emphasizes the urgency of regulatory clarity to prevent innovation from leaving the U.S. The proposed legislation is part of a broader effort to establish a regulatory framework for digital assets.