Senate Will Vote on CLARITY Act Before August Recess, Lummis Says
U.S. Senator Cynthia Lummis (R-WY) said the Senate will vote on the CLARITY Act before the August recess, potentially extending the session into the weekend. Speaking to Fox Business on Aug. 5, Lummis noted that 11 months of negotiations led to over 300 pages of Democratic-requested changes, with talks ongoing over CFTC provisions, law enforcement, and ethics rules for senior officials. The bill would split federal crypto oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), while addressing ethics, enforcement, consumer protection, and market certainty.
Democrats continue pressing for stronger ethics and enforcement rules. A bipartisan counterproposal allowing state attorneys general to enforce federal crypto ethics rules was sent to President Donald Trump, who accepted broader ethics restrictions than previous presidents but faces further Democratic demands. Lummis emphasized that a vote will record each senator’s position, stating, “We are going to vote on it so it can’t die by no votes.”
Federal regulators support the legislation. CFTC Chairman Michael S. Selig endorsed congressional action after the Senate Agriculture Committee advanced digital asset market structure legislation in January. SEC Chairman Paul Atkins also expressed optimism for the bill. Supporters argue that defined agency authority will provide consistent rules for exchanges, developers, investors, and enforcement.
The approaching recess narrows the window for securing 60 votes needed to advance major legislation. Republicans hold 53 seats, requiring Democratic support. A vote would place every lawmaker on record before negotiations with the House. Lummis concluded, “We want to onshore this industry. Let’s let them by passing the CLARITY Act.”