Senator Cynthia Lummis (R-WY) has sharply criticized Democrats after the CLARITY Act failed to advance in the Senate, accusing them of "choosing politics over consumers and U.S. crypto leadership."
Her remarks came after the bill fell short of the 60 votes needed to pass a procedural cloture vote on Tuesday, September 15. Democrats withheld support due to disagreements over ethics provisions aimed at preventing former President Trump from profiting from his family's crypto businesses.
Lummis, a leading advocate for crypto regulation in Congress, said: "Instead of protecting consumers and strengthening America's position as a global hub for financial innovation, Democrats chose to block the legislation for political purposes."
Analysts warn that the bill's failure leaves the U.S. market without a clear regulatory framework, potentially pushing firms to relocate to jurisdictions like Singapore and Hong Kong, and delaying America's ability to compete in the digital asset sector.