Lummis Pushes CLARITY Act to Take Wyoming's Crypto Rules Nationwide
Senator Cynthia Lummis is backing the CLARITY Act as a way to take Wyoming's crypto rules nationwide. The act aims to extend the state's digital-asset model across the United States before a September 15 Senate vote that requires 60 votes to advance.
Lummis argues that Wyoming has established a working model for federal regulation and that its experience shows lawmakers can regulate the industry while allowing companies to operate and raise money in the US. The state enacted more than two dozen blockchain and digital-asset laws since 2018, creating legal definitions for several forms of blockchain-based property and approving special-purpose depository institutions.
The CLARITY Act would divide digital-asset oversight between the SEC and CFTC, classifying digital assets to determine which agency has authority. Qualifying digital commodities would fall under the CFTC's spot-market supervision, while the SEC would retain authority over assets that meet securities-law requirements.