Senator Cynthia Lummis wants the Senate to vote on the CLARITY Act before lawmakers head home for August. The Wyoming Republican has been working the phones daily with Democrats to finalize a bill that would reshape how crypto companies operate in the United States.
Nearly 11 months of negotiations have left several sticking points unresolved. The CFTC's regulatory authority over derivatives. Ethics rules for government officials. How to handle stablecoin yields. What counts as illicit finance. Each one is a minefield.
Lummis worked late into the evening on the CFTC provisions, hammering out language with Democrats. She told Fox Business that Majority Leader John Thune has reserved Senate floor time for the bill. That doesn't guarantee a vote, though. It just means space exists if a deal materializes.
The math is simple and brutal. The bill needs 60 votes to clear the Senate's cloture threshold and move forward. No cloture filing has been confirmed yet, which means timing remains in flux.
Democrats want tougher restrictions on senior government officials profiting from crypto ventures. Republicans worry that regulatory uncertainty is already pushing activity toward Switzerland and Singapore. If crypto firms can't operate clearly in the U.S., they'll leave.
The clock is ticking. Once senators scatter for recess, the window closes. Lummis is pushing hard to avoid another delay and another round of "we'll figure this out in 2027."
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