Lummis Touts Anti-Fraud Provision in Delayed Crypto Bill
Senator Cynthia Lummis (R-WY) emphasized the anti-fraud provisions of the CLARITY Act as the crypto market structure bill faces delays in the Senate and mounting debate over ethics rules and digital asset regulation.
In a post on X, Lummis said the legislation would allocate roughly $150 million to help law enforcement agencies track down scammers and fraudsters operating in the digital asset space.
Senate Banking Committee Chair Kevin Cramer (R-N.D.) expressed uncertainty about the bill's passage before the July 4 recess, stating it would be 'a heavy lift' even by August.
The delay comes amid growing scrutiny from Democrats over the involvement of government officials and their family members in crypto ventures. Democratic Senator Elizabeth Warren requested an ethics provision due to the Trump family's crypto wealth, but Cramer pushed back on that argument, saying he rejects the notion that President Donald Trump should be 'exempt from being successful.'