Lummis Ramps Up Pressure on Democrats Over Crypto Bill Revisions
Senator Cynthia Lummis is increasing pressure on Democrats to support the Clarity Act as it prepares for its procedural vote in the Senate next week. The Wyoming Republican, who chairs the Senate Banking subcommittee on digital assets, claims that more than 100 revisions have been made to the cryptocurrency regulation bill in response to Democratic concerns.
Lummis' office highlighted 114 'substantive, distinct wins requested by Democrats and agreed to by Republicans' in a document shared with The Hill. These changes include modifications to the framework for regulating digital assets by the Securities and Exchange Commission (SEC), the application of anti-money laundering laws, and oversight of non-decentralized finance platforms.
The senator stated that she has 'bent over backwards to make this a truly bipartisan bill' and urged Democrats to 'lock those wins in and help us pass this bipartisan bill.' However, key Democrats remain concerned about the ethics provisions in the bill, which they claim do not go far enough in restricting elected officials from profiting off the industry.