Sen. Cynthia Lummis leads push for Clarity Act as Senate debates cryptocurrency regulatory framework
Sen. Cynthia Lummis, R-Wyo., is leading the effort to advance the Clarity Act, a 600-page bill designed to provide regulatory certainty for the U.S. cryptocurrency market. The administration announced ethics provisions within the bill to address potential conflicts of interest for President Trump and other federal officials, including requirements for blind trusts or divestiture of digital assets. While the administration announced these provisions to encourage bipartisan support, Senate Democrats have expressed skepticism, labeling the current ethics language a "nonstarter" and demanding stronger consumer protections. Republican lawmakers, including Sen. Bernie Moreno, R-Ohio., argue that the bill establishes a necessary framework for innovation while the administration announced these provisions to target the behavior of issuance and promotion. Conversely, critics from the Bank Policy Institute and the U.S. Hispanic Chamber of Commerce have raised concerns regarding the bill's lack of focus on financial inclusion and potential impacts on community bank lending. The Senate is currently seeking the 60 votes required for passage before the midterms.