Lummis Warns Crypto Firms Will Leave US If Clarity Act Not Passed
Senator Cynthia Lummis is stressing the urgency of passing the CLARITY Act as the Senate vote nears. She warned that if Congress doesn't take action, crypto firms will leave the United States for countries with clearer regulations.
Lummis said that the lack of federal oversight in the crypto market creates uncertainty for businesses and makes it difficult for regulators to protect consumers.
The Wyoming Republican pointed out that the CLARITY Act is a result of 12 months of bipartisan negotiations, which she believes will provide a clear set of directions for the industry.
Lummis also expressed concerns that if Congress doesn't pass the bill, businesses could relocate and deprive American taxpayers and companies of jobs and tax revenue. She added that this would limit the scope of U.S. law enforcement in relation to crypto activity.