Senate Set to Vote on CLARITY Act Before Recess
U.S. Senator Cynthia Lummis has announced that the Senate will vote on the CLARITY Act before lawmakers begin their August recess. The bill aims to divide federal crypto oversight while addressing ethics, enforcement, consumer protection, and market certainty.
The Wyoming lawmaker revealed that 11 months of negotiations have produced over 300 pages of Democratic-requested changes, with talks still ongoing over the Commodity Futures Trading Commission (CFTC) section, law enforcement provisions, and ethics rules for senior federal officials.
Lummis emphasized that a vote on the CLARITY Act will put every senator's position on the record. The bill would divide oversight between the CFTC and the U.S. Securities and Exchange Commission (SEC), with separate paths for qualifying digital commodities and securities.
The CFTC Chairman Michael S. Selig has endorsed congressional action, stating that clearer digital asset rules are necessary to make the United States a leading financial technology market.