Sen. Cynthia Lummis accused Democrats of opposing crypto legislation that includes regulatory safeguards they had requested, intensifying a dispute over U.S. digital asset rules.
In an October 27 post on X, the Wyoming Republican said the CLARITY Act would let the Securities and Exchange Commission (SEC) identify attempts to evade regulatory requirements.
Lummis Cites Anti-Evasion Provisions
Lummis said Democrats had sought language allowing the SEC to consider all relevant facts when determining whether someone was circumventing crypto rules. She argued the provision would prevent bad actors from exploiting technical loopholes.
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In an October 17 post, Lummis also cited personal liability for false regulatory filings, reporting requirements for large traders, and oversight rules for commodity pool operators and trading advisers.
She also pointed to a proposed $150 million allocation to the Financial Crimes Enforcement Network (FinCEN) to combat financial crime. In an October 2 post, she highlighted customer protections intended to clarify ownership of crypto assets if a broker fails.
Senate Vote Leaves Bill Stalled
The CLARITY Act remains stalled after a September 15 Senate procedural vote failed to secure the 60 votes needed to advance. The motion received 49 votes in favor and 50 against.
The bill aims to establish federal rules for digital asset markets and define the responsibilities of the SEC and the Commodity Futures Trading Commission. The failed vote halted progress but did not constitute a final rejection of the legislation.
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