U.S. Senator Lummis says Democrats won't quit asking for more on crypto Clarity Act
U.S. Senator Cynthia Lummis expressed frustration over ongoing negotiations regarding the Clarity Act, noting that Democrats continue to demand further revisions. Despite significant concessions, including ethics constraints on officials, the bill's path to passage in the Senate remains uncertain.
Why it matters
The Clarity Act is a pivotal piece of legislation for the cryptocurrency industry, and its struggle to pass reflects the deep partisan divide over digital asset regulation.
"The Democrats want more," she said at a Washington event on Monday. "They always want more. If we waited another month, they would want more."
"There's no end to it," the Wyoming Republican lamented.
In an appearance at a Washington summit hosted by the Solana Policy Institute, Lummis recounted the difficulty of giving a major personal concession on the legal protections for decentralized finance (DeFi) developers in this last draft.
Though praising her Democrat partner, Senator Kirsten Gillibrand, Lummis said that the negotiation has seen a series of major concessions to Democrats, which she tallied at 114 points of individual policy in the bill. A major one was the section that became the political pivot point of the Clarity Act: its section that would curtail government officials' ability to maintain personal business connections with the industry — targeted mainly as President Donald Trump.
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