The U.S. must pass the CLARITY Act soon to give the crypto industry clearer regulatory oversight, or risk not moving the industry forward until at least 2030, Senator Cynthia Lummis warned.
“This is our last chance to pass the Clarity Act until at least 2030,” Lummis, a longtime crypto advocate, said in an X post on Friday. “We can’t afford to surrender America’s financial future,” she added. Her comments come as industry participants grow concerned the bill’s prospects this year are narrowing, with November’s U.S. midterm elections potentially shifting congressional priorities and slowing momentum on the legislation.
Former White House AI and crypto czar David Sacks echoed Lummis on Thursday, urging immediate action: “The time to act is now. Senate Banking, and then the full Senate, should pass market structure. I’m confident that they will. And then President Trump will sign this landmark bill into law.”
Supporters argue the CLARITY Act, by clarifying which regulators oversee parts of the crypto industry, could spur innovation in the U.S. and boost retail demand for crypto assets. A16z Crypto managing partner Chris Dixon wrote that “when rules are defined, both consumers and entrepreneurs win.”
A broad set of crypto sectors expects positive effects. Immutable founder Robbie Ferguson said recently that “the CLARITY Act will make the last decade of growth in gaming look like a joke.” Coinbase CEO Brian Armstrong, who withdrew support for a different crypto bill in January, said on Friday that “it’s time” for the CLARITY Act to pass after months of delays. Coinbase chief legal officer Paul Grewal noted on April 2 that the bill could be nearing a markup hearing in the Senate Banking Committee, though progress depends on resolving disputes over stablecoin yield.
Regulators have also voiced support. SEC Chairman Paul Atkins posted that “It’s time for Congress to future-proof against rogue regulators & advance comprehensive market structure legislation to President Trump’s desk.”
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