Senate Crypto Regulation Bill Hits Roadblock Over Audit Threshold

The Senate's Clarity Act has stalled due to a failed procedural vote on September 15. The bill aims to regulate digital assets and impose transparency measures on crypto projects.

Crypto projects raising more than $25 million from the public would be required to undergo independent audits, according to the final draft of the bill.

Sen. Cynthia Lummis (R-WY) criticized Democrats for voting against a provision they had requested during negotiations. The Democrat-led proposal included audited financial statements for projects raising over $25 million.

The $25 million threshold is part of the broader 635-page Senate draft, which also includes lower fundraising caps and increased transparency requirements.