Lummis Warns Democrats: Clarity Act Will Die if They Block It

Senator Cynthia Lummis, a pro-bitcoin advocate, has expressed frustration with her Democratic colleagues over their reluctance to pass the Clarity Act. The bill aims to establish a regulatory framework for the US cryptocurrency market.

Lummis said she had been working late into the night to reach an agreement with Democrats on the bill, but some lawmakers are still making unreasonable demands. She warned that if the bill dies in Congress, it will be because of Democratic opposition.

The Clarity Act has faced challenges due to concerns raised by the banking lobby about stablecoin yield and ethics provisions. An updated version of the bill introduced in July addresses these concerns, including a ban on government officials and their families from issuing or promoting cryptocurrency.