Lummis Warns Senate: Pass CLARITY Act Now to Avoid Crypto Exodus

Senator Cynthia Lummis is urging her colleagues to pass the CLARITY Act as soon as possible, warning that it's 'now or never' for this bipartisan compromise. The bill aims to provide clarity on crypto regulations and protect consumers in the digital asset space.

Lummis argues that without federal oversight, regulators struggle to protect consumers due to jurisdictional uncertainty. She also warns that businesses may leave the US if Congress doesn't take action, depriving American taxpayers and companies of jobs and tax revenue.

The CLARITY Act would create an SEC certification process with a 90-day review period and introduce new anti-evasion measures to combat securities regulations evasion. It would also allocate $150 million for the Financial Crimes Enforcement Network and enhance consumer protections, including digital asset ATMs and proposed ethics restrictions.

Lummis cautions that rejecting the bill wouldn't guarantee a stronger proposal in the future, stating 'a no vote today isn’t a vote for a stronger bill next month or next year.' She attributes this urgency to recent failures of crypto exchanges like FTX, which left customers waiting years to retrieve their funds.