Sen. Lummis Warns of Delayed CLARITY Act Consequences
- Sen. Cynthia Lummis warned that failure to pass the CLARITY Act could delay U.S. market-structure legislation until 2030.
- The Senate’s cloture vote on September 15 requires at least 60 votes to advance, with Republicans holding only 53 seats.
- The House passed its version of the bill with a vote of 294–134 in July, while the Senate Banking Committee advanced it with a vote of 15–9.
- The National Sheriffs’ Association has shifted from opposition to neutral regarding the bill, easing one political hurdle.
- Industry leaders like Ripple CEO Brad Garlinghouse and Coinbase CEO Brian Armstrong are advocating for clearer rules and timely passage of the legislation.
If Congress fails to act, firms may face fragmented federal and state regulations while awaiting clarity on digital asset rules established by the CLARITY Act. The urgency is underscored by Lummis’s warning about potential job losses and reduced investment in the crypto sector.
With a September cloture win crucial for reducing uncertainty, missing this legislative window could stall progress until after another multi-year delay.(Source)
