Senator Cynthia Lummis urged Senate colleagues to advance the CLARITY Act ahead of a Sept. 15 vote that could determine whether the bill moves forward.
Lummis warned in a post on X that rejecting the legislation could push digital-asset innovation to China and weaken the US position in global financial markets. She also cited FTX customers who waited years to recover their funds as evidence of the need for clearer crypto rules.
Lummis Highlights Crypto Consumer Protections
Lummis said the CLARITY Act would treat digital commodities as customer property in bankruptcy. That provision would determine how those assets are handled if a platform fails.
Related: Can the CLARITY Act Pass? We Asked 5 Top AI Models to Predict the Crucial Sept 15 Senate Vote
In a Sept. 5 post, she said the bill would require qualified custodians and segregated funds, keeping customer assets separate from company funds.
In an op-ed published yesterday, Lummis pointed to Wyoming’s digital-asset rules as an example of how clearer regulations can attract crypto companies. She cited Kraken’s operations in the state and its role in creating jobs.
Senate Support Remains Uncertain
Republican senators warned that the bill could fail without an agreement on ethics provisions. Democrats are seeking restrictions related to President Donald Trump’s family crypto interests.
Senator Thom Tillis said the legislation could fail if the White House does not help resolve the dispute over the ethics language.
Coinbase policy chief Faryar Shirzad remains cautiously optimistic about the bill’s prospects. The legislation needs 60 votes to advance, meaning bipartisan support will be critical to its passage.
Related: India Reviews Crypto Rules Again: Could the TDS Framework Feature in Review?
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Source: https://coinedition.com/lummis-urges-senate-to-advance-crypto-bill-ahead-of-sept-15/
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