Lummis Criticizes Democratic Delays on the Clarity Act, Calls for Further Compromise

ME News reports that on September 9 (UTC+8), U.S. Republican Senator Cynthia Lummis again criticized Democrats for delaying the long-anticipated Clarity Act. In a response on X to a Semafor report, Lummis stated that if the bill fails, the blame lies with Democrats for refusing to join Republicans in supporting this bipartisan legislation. She warned that Democrats’ persistent demands for amendments could enable future regulators to “strangle the crypto industry.” Lummis added that if differences can be bridged, she believes the Clarity Act can pass—but this requires further compromise from Democrats, not concessions from the White House. Previously, Lummis has asserted that if the bill dies, it will be due to Democrats. The U.S. Senate is set to hold a procedural vote on the bill next week, and Lummis warned that if it fails to pass then, there will be no realistic opportunity for the remainder of this decade. The Clarity Act aims to formally delineate regulatory responsibilities by distinguishing whether digital assets qualify as securities, commodities, or stablecoins. The bill passed the House of Representatives in July last year but was stalled due to conflicts between banking lobbying groups and crypto companies over customer earnings from stablecoins. A newly circulated draft in July prohibited government officials from promoting or profiting from crypto; while Democrats criticized the Trump family’s involvement in the space, they still deemed the bill insufficient and called for revisions. (Source: ChainCatcher)