Lummis Warns Crypto Regulation May Stall Until 2030

Senator Cynthia Lummis has sparked debate over the CLARITY Act, which aims to provide comprehensive crypto market-structure legislation. The bill's fate hangs in the balance as it faces a crucial cloture vote on September 15.

Lummis warned that if the vote fails, the bill may not resurface until 2030 due to changes in congressional control. This isn't just hype - with fewer than eight months left in the current Congress's term, any bill that doesn't pass will die when the new Congress is sworn in.

The CLARITY Act has already survived a gauntlet of amendments and lobbying pressure from various stakeholders. Despite its contentious provisions on stablecoin yield and decentralized finance oversight, it remains alive due to a fragile coalition of interests seeking regulatory clarity.