Lummis Warns Democrats: Pass Clarity Act or Watch Crypto Industry Flee US
Senator Cynthia Lummis is urging Senate Democrats to support the final version of the Digital Asset Market Clarity Act, also known as the CLARITY Act. The bill aims to provide clarity on how digital assets are regulated in the US and has been a bipartisan effort since its origins as the Responsible Financial Innovation Act in 2022. Lummis noted that several compromises have been made to appease Senate Democrats' demands, including new ethics language that bans covered individuals from sponsoring digital assets.
Lummis warned that if the CLARITY Act is not passed, crypto companies will leave the US for more favorable jurisdictions, such as London, Singapore, or Abu Dhabi. She argued that this would not only lead to a loss of investments and jobs but also empower foreign adversaries using crypto loopholes for money laundering purposes.
The vote on the CLARITY Act is scheduled for Tuesday evening, and even after 126 Democrat-pushed changes to the final draft, the bill's fate remains uncertain. Lummis urged Democrats to 'put their money where their mouth is' and support the bill by passing it now.