Lummis Warns Democrats Will Kill Clarity Act Unless They Stop Demanding More

US Senator Cynthia Lummis has been working tirelessly to pass the Clarity Act, a bipartisan bill aimed at creating a regulatory framework for the US cryptocurrency market.

Lummis, a pro-bitcoin senator, spoke with Fox Business on Wednesday and expressed frustration with some Democrats who are still holding up the bill. She claimed that she had been working into the night with Democratic lawmakers to get the bill over the line but was met with unreasonable demands.

The Clarity Act has faced challenges, particularly from the banking lobby, which raised concerns about crypto companies allowing clients to earn stablecoin yield. However, an updated version of the bill introduced in July addressed these concerns by banning government officials and their families from issuing or promoting crypto.

Lummis emphasized that President Trump had agreed to an ethics provision that no previous president had ever accepted. Despite this concession, Democrats are still pushing for more changes, which she believes would kill the bill. She vowed that lawmakers would vote on the Clarity Act before the Senate's August recess.