Lummis Says CLARITY Act Was Hardest Bill She Has Worked On
Summary
- Debate in the U.S. Congress over crypto regulation legislation is nearing its final stage.
- Senator Cynthia Lummis said the CLARITY Act was the product of bipartisan cooperation and addresses both consumer protection and law enforcement concerns.
- The market is watching how passage of the CLARITY Act could affect the U.S. crypto regulatory framework and the expansion of institutional investment.
Forecast Trend Report by Period
U.S. Senator Cynthia Lummis, a Wyoming Republican, called the CLARITY Act a product of bipartisan cooperation as debate over crypto regulation in Congress nears its final stage.
At a Senate Banking Committee meeting on May 14, Lummis said the bill was “the most difficult legislative work I’ve ever dealt with,” CoinDesk reported.
She said Bitcoin and blockchain remain very new asset and technology categories, which made it a long process to craft legislation that reflects innovation in the sector.
Lummis also thanked Democratic Senators Ruben Gallego, Mark Warner and Angela Alsobrooks, along with Republican Senators Bernie Moreno, Thom Tillis and John Kennedy, for their bipartisan cooperation.
She said the CLARITY Act addresses both consumer protection and law enforcement concerns.
Lummis also said “Bitcoin can be stored in your head,” adding that it can help domestic violence victims or people facing oppression overseas protect their assets.
Recent debate in Congress has focused on crypto market-structure regulation, anti-money laundering measures and consumer protection.
Market participants are watching whether the CLARITY Act passes, as it could shape the U.S. regulatory framework for crypto and the expansion of institutional investment.
