Lummis Warns of Crypto Exodus if CLARITY Act Fails to Pass
Senator Cynthia Lummis is pushing for the passage of the CLARITY Act, warning that prolonged regulatory uncertainty could drive America's cryptocurrency industry offshore. Speaking on Fox Business with Maria Bartiromo, Lummis argued that Congress must establish clear rules for digital assets to prevent businesses from being left uncertain about which regulations apply.
The Wyoming Republican has positioned the legislation as a measure that could strengthen law enforcement while urging lawmakers to move it forward. For XRP, the debate carries particular weight, as the CLARITY Act could create a clearer framework for determining which digital assets fall under securities laws and which qualify as digital commodities overseen by the Commodity Futures Trading Commission.
Lummis warned that if Congress fails to provide businesses with predictable rules, the U.S. risks losing financial innovation. The company's pursuit of an OCC charter could provide another regulatory route for Ripple as it expands its role in the American financial system.