Lummis Warns Democrats' Demands Could Kill Crypto Bill

Republican Senator Cynthia Lummis has criticized Democrats for their handling of the long-awaited Clarity Act, which aims to establish clear guidelines for regulating the crypto market.

The bill has been delayed several times and was initially expected to pass in August before the Senate's five-week recess. However, it will now be voted on next week, with Lummis warning that if it fails, 'we will not get another realistic shot at this before the end of the decade.'

Lummis accused Democrats of trying to kill the crypto industry by demanding changes to the bill that would give future regulators too much power. She said that Republicans are willing to compromise and pass the bill, but Democrats need to meet them halfway.

The Clarity Act aims to distinguish between digital assets, securities, commodities, and stablecoins, and establish clear guidelines for regulating the crypto market. It has been stalled due to disagreements between the banking lobby and crypto companies over issues such as paying customers stablecoin yield.