Only two days are left for the scheduled 15th September voting on the Digital Assets Market Clarity Act. But there are zero signs of the bill geting passed, thanks to the the cancelled previously scheduled voting week.
Seeing the unsaid delay in the passage, Senator Cynthia Lummis has once again taken to X and argued that if the CLARITY Act fails to become law, Democrats will be responsible for the consequences.
If the Clarity Act fails, Democrats own what comes next.
Senator Lummis blames Democrats for the delay
In her view, Democrats helped shape the legislation through more than 100 proposed changes. She says those efforts would be wasted.
Additionally, consumers would continue to lack clear federal protections, mandatory disclosure requirements, and rules allowing regulators to delist bad actors from the crypto market.
Her broader point is that the U.S. would remain stuck with what she describes as an ‘unregulated system that has already cost Americans billions.’
Hence, she put it best when she said,
They wrote the fix. They must pass it.
This comes as the crypto market witnessed its August rally, where Bitcoin faced a 20% hike, moving from around $60K to $80K. However, there is still FUD (fear, uncertainty, and doubt) circulating in the market, and that is, if the CLARITY Act is not passed, this rally will seep into bearish hands.
Lummis is not riding the boat alone
CK Zheng, a former Credit Suisse risk executive who now runs a crypto hedge fund, argues that many large institutions are waiting for regulatory “guardrails” before committing significant capital to crypto.
His argument is that once the legislation becomes law, institutions could feel more comfortable allocating money to digital assets, potentially creating a new wave of demand.
The formal passage of the Clarity Act into law will be the ultimate catalyst, sparking a new bull market as institutional allocators race to gain exposure out of a fear of missing out.
This follows Senate Republicans recently releasing a 630-page legislative amendment to H.R. 3633 text. Here, the text included all the changes negotiated over the August recess. However, still, these changes do not appear to be the final compromise needed to win enough Democratic support.
In line with Lummis, Patrick Witt, an executive director of the Trump administration’s digital-assets advisory council, also warned that if the procedural vote fails, it could be unclear when the legislation would get another opportunity.
I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process.
Prediction market odds ignite hope, but…
That said, besides the senators, U.S. President Donald Trump has also shown similar interest, as he met with advisers on the 11th of September to discuss proposed ethics provisions for the CLARITY Act.
As a result, the meeting turned out to be optimistic, as Patrick Witt posted a message afterward saying that the session was a,
However, these pushes have not gone to waste, as the Polymarket odds, which were down below the 20%, were sitting at 23% at press time, suggesting optimism around the passage. Still, the percentage below the 50% level suggests that the passage is still hangs in the balance.
Final Summary
- Senator Lummis blames Democrats for not passing the CLARITY Act.
- The updated H.R. 3633 text and President Trump’s meeting with advisers ignite hope for passage.
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