Warren-Lummis Crypto Bill Feud Threatens CLARITY Act Passage
The CLARITY Act has hit a roadblock in Washington due to an ethics provision added to its latest draft. Senator Elizabeth Warren and Senator Cynthia Lummis are at odds over the language, with Warren accusing it of being riddled with loopholes that could allow senior officials to profit from digital assets while enforcement is left up to the executive branch.
Lummis fired back, calling Warren's criticism misleading and pointing out that the bill has already incorporated months of Democratic feedback. She urged lawmakers to stop moving the goalposts and pass the legislation.
The CLARITY Act aims to provide clearer rules for the crypto industry, including split oversight between the SEC and CFTC, defined assets, and consumer protection. However, its fate remains uncertain as it faces a tight Senate math and a looming recess deadline.