Senator Cynthia Lummis warned that lawmakers must pass the CLARITY Act soon or risk stalling clear crypto regulation until at least 2030. In a post on X, the longtime crypto backer said this is the “last chance” to move the bill forward, saying the U.S. cannot afford to “surrender America’s financial future.”
Lawmakers and industry observers say the window for action is narrowing as attention shifts ahead of the November midterms, which could alter congressional priorities and slow momentum on the legislation. Former White House AI and crypto adviser David Sacks urged quick action, saying the Senate Banking Committee and the full Senate should approve market-structure measures now, and expressing confidence the president would sign the bill.
Supporters argue the CLARITY Act would assign clearer oversight roles across regulators, which could unlock innovation and increase retail confidence in digital assets. A16z Crypto managing partner Chris Dixon summarized the argument simply: when rules are clear, both consumers and entrepreneurs benefit. Founders and executives across sectors have predicted big gains if oversight is clarified—Immutable founder Robbie Ferguson said it would dwarf recent gaming growth, and Coinbase CEO Brian Armstrong said Friday that “it’s time” for the bill after months of delays.
Progress in the Senate has shown signs of movement: Coinbase chief legal officer Paul Grewal noted that the bill could be nearing a markup hearing in the Senate Banking Committee, though final advancement depends in part on settling disagreements over stablecoin yield rules. Regulators have also voiced support; former SEC Chair Paul Atkins posted that Congress should act to protect markets from overreach by rogue regulators and pass comprehensive market-structure legislation.
Proponents see the CLARITY Act as a way to provide regulatory certainty that could spur U.S. competitiveness in crypto and encourage more mainstream participation. Critics and some negotiators continue to debate specific provisions, leaving the timetable uncertain.
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