Lummis Slams Colleagues for Delaying Digital Asset Market Clarity Act

Senator Cynthia Lummis defended the Digital Asset Market Clarity Act on the Senate floor, stating that she would continue to advocate for the bill through the next day. She called it beneficial for the country, consumers, and lawmakers from both parties.

Lummis expressed confusion about what additional concessions Democrats could request after 11 months of negotiations, which had already met nearly all their demands. The Wyoming Republican attributed the bill's origins to her own 2020 election, when Wyoming's state legislature was developing a framework for digital asset companies years ahead of Washington.

Lummis highlighted the bipartisan nature of the project, noting that she worked closely with Democratic Senator Kirsten Gillibrand from New York. The two introduced the Lummis-Gillibrand Responsible Financial Innovation Act in June 2022, which initially split oversight between the SEC and CFTC and regulated stablecoins.

The bill has undergone significant changes since its introduction, growing to 616 pages and incorporating provisions requested by Democrats, including tighter core definitions and a mandatory SEC front-door certification process. Lummis emphasized that she rejected suggestions to push the bill through on Republican votes alone, arguing that only a jointly built bill can survive future elections and administrations.

Lummis pointed out widespread support from across the digital asset industry, as well as major financial firms like Goldman Sachs and Fidelity. The National Fraternal Order of Police also endorsed the bill last Friday, reversing months of concern about restrictions on crypto crime investigations.