CLARITY Act: Lummis says Democrats blocked tougher rules against crypto crime

Senator Cynthia Lummis has renewed her criticism of Senate Democrats over the stalled CLARITY Act, accusing them of rejecting tougher cryptocurrency penalties and investor protections they had previously requested. Cynthia Lummis has accused Senate Democrats of blocking crypto protections they previously requested. The CLARITY Act failed a procedural Senate vote on September 15 by 49–50. The disputed provisions cover penalties, customer custody, financial disclosures and exchange capital requirements. Democrats have disputed the Republican account, citing unresolved ethics rules and other regulatory concerns. Seven Democratic senators have expressed interest in reviving negotiations, but no new vote has been scheduled. The Wyoming Republican argued that Democrats opposed moving the legislation forward despite changes covering enforcement, customer funds, exchange finances and regulatory capital.

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