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Lummis Blasts Democrats Ahead of Clarity Act Vote — But Adds Bill Can Get Passed
Republican Senator Cynthia Lummis has again slammed Democrats over the long-awaited crypto Clarity Act.
Writing on X on Tuesday, the pro-crypto lawmaker responded to an article from Semafor that reported Republican senators saying the bill was likely to fail when the senate returns next week.
Lawmakers were hoping a crucial vote on the long-awaited crypto market structure bill would go ahead in August before their five-week recess. But it was delayed and the Senate will now vote on it next week.
JUST IN:
U.S. Senate will hold a procedural cloture vote on the Clarity Act one week from today.
Senator Cynthia Lummis says if they fail to pass it next week, "we will not get another realistic shot at this before the end of the decade"
Pass it
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“If this bill fails it won’t be because of ethics, it will be because Democrats didn’t join Republicans in embracing a bipartisan bill that protected consumers, cements America’s leadership in digital assets, and empowered law enforcement to clamp down on illicit finance,” wrote Lummis.
She said that Democrats were continuing to “demand changes” that could allow future regulators to “kill the crypto industry.”
“If we can bridge those gaps I’m confident we can pass Clarity, but they require further compromise from Democrats, not the White House,” added Lummis.
Lummis previously said that if the Clarity Act dies, it will be because of the Democrats. Lummis and other pro-crypto lawmakers have blasted politicians who they think are deliberately holding back the bill.
The Clarity Act drafts a framework to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins.
Though passed by the House of Representatives last July, it has been stalled this year, mostly because the banking lobby clashed with crypto companies over paying customers stablecoin yield.
A new draft tackling the issue of ethics started circulating in July, banning government officials from promoting or making money from crypto — something Democrats have criticized the Trump family for doing.
Despite the changes, a group of Democrats said the bill fell short and wanted amendments.
President Donald Trump has urged lawmakers to get the legislation over the line. In August, he said that in order for the U.S. to remain the “undisputed leader in Bitcoin and crypto,” they had to pass the “very, very powerful legislation.”
This post Lummis Blasts Democrats Ahead of Clarity Act Vote — But Adds Bill Can Get Passed first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.