Senator Cynthia Lummis has called for the immediate passage of the Clarity Act, cautioning that the absence of clear regulatory guidelines risks pushing crypto businesses out of the United States and into more permissive jurisdictions abroad.
Lummis has been one of the most consistent pro-crypto voices in the Senate, and her latest push signals growing urgency on Capitol Hill to establish a coherent federal framework before the industry votes with its feet. The Clarity Act is designed to resolve the longstanding jurisdictional ambiguity between the SEC and CFTC over digital assets.
With several major economies already advancing their own crypto frameworks, the window for the US to set the terms — rather than react to them — is narrowing.
Frequently asked questions
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What are the potential consequences if the Clarity Act is not passed soon?
If the Clarity Act is not passed, Senator Lummis warns that crypto firms may relocate to countries with more favorable regulations, potentially harming the US crypto industry.
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How does the Clarity Act aim to address regulatory uncertainty?
The Clarity Act seeks to clarify the jurisdictional roles of the SEC and CFTC regarding digital assets, providing clearer regulatory guidelines for the crypto industry.
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