Senator Lummis: Ethics, other provisions in crypto Clarity Act to be further discussed
Senator Cynthia Lummis is preparing to introduce a consolidated version of the Clarity Act, which aims to regulate the cryptocurrency industry. The bill faces ongoing negotiations regarding ethics provisions and the extent of state-level authority to prosecute crypto entities.
Why it matters
The legislation represents a critical step in establishing a federal regulatory framework for digital assets, balancing industry oversight with concerns over government conflicts of interest.
The Senate's Judiciary, Ethics and Intelligence Committees all had input into the bill, Lummis told CoinDesk on Wednesday, and while the process has "been very difficult," the bill is ready for additional feedback.
"It's time to show everyone the fully integrated bill that we will be voting on, and get the feedback from the industry that's about to be regulated, as well as others," Lummis said. "So I'm pleased we've reached this point."
Lummis released an updated text of the Clarity Act earlier Wednesday that merged the bills passed by the Senate Banking and Agriculture Committees into one longer bill. The updated text is not likely to be the final version of the bill.
The bill's proposed conflict-of-interest limits for government officials' crypto involvement will continue to be discussed through the weekend, and some of the illicit finance provisions may also see further discussion, Lummis said.
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