Senate Dems Block Crypto Bill Over Financial Disclosure Requirements

Sen. Cynthia Lummis (R-WY) accused Senate Democrats of rejecting a cryptocurrency bill that included a requirement for certain projects to provide audited financial statements.

The Digital Asset Market Clarity Act, or CLARITY Act, was voted down in the Senate on September 15 with every Democrat voting against it. Lummis said that Democrats had previously requested this provision and that it was included in the final version of the bill before the vote.

Lummis claimed that Democrats continued to add demands during negotiations even after earlier requests were incorporated into the bill. The CLARITY Act aimed to establish a federal regulatory framework for digital assets and included measures such as ethics, consumer protections, fraud, and anti-money-laundering provisions.