Lummis Blames Democrats for CLARITY Act Vote Failure, Says Anti-Trump Sentiment Cost Policy Chance
Summary
- Republican Senator Cynthia Lummis said Democrats were responsible for the failed Senate procedural vote on the US crypto market structure CLARITY Act.
- Lummis said the bill expanded to more than 600 pages to reflect Democratic demands, including investor protection in bankruptcy, yet every Democratic lawmaker voted against it.
- Lummis said Coinbase CEO Brian Armstrong, pressure from the crypto industry and President Trump's memecoin business were not the reasons the bill failed.
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Republican Senator Cynthia Lummis blamed Democrats and sharply criticized them after a Senate procedural vote on the CLARITY Act, a US crypto market structure bill, failed.
CoinDesk reported on September 22 that Lummis, speaking at a policy and regulation event in Washington, called last week's failed procedural vote on the bill "bewildering, incomprehensible and sad."
She argued that Democrats refused to advance the legislation despite bipartisan negotiations that produced it, and said opposition to President Donald Trump was the reason.
"In my view, Democrats dislike President Trump more than they like good policy," Lummis said. She added that Democrats were responsible for giving up the chance to pass a major policy bill before the midterm elections.
Lummis also said the bill incorporated many Democratic demands. The legislation, initially about 300 pages, grew to more than 600 pages after provisions sought by Democrats were added, including investor protections in the event of bankruptcy.
She also rejected claims that the bill was derailed by pressure from Coinbase CEO Brian Armstrong, pressure from the crypto industry, or President Trump's memecoin business.
Lummis said every Democratic lawmaker voted against the measure and argued that responsibility for its failure should not be shifted elsewhere.
She nonetheless said Democratic Senators Angela Alsobrooks and Kirsten Gillibrand negotiated in good faith. Gillibrand has long co-sponsored crypto-related legislation with Lummis.
