Sen. Cynthia Lummis Says CLARITY Act Would End US Crypto Regulatory Uncertainty

U.S. Senator Cynthia Lummis said the CLARITY Act would help end regulatory uncertainty facing the U.S. cryptocurrency industry. Market attention is focused on whether the bill can pass the Senate.

Cointelegraph reported on May 22 that Lummis said the CLARITY Act would end the regulatory ambiguity confronting U.S. crypto consumers and companies.

The CLARITY Act is legislation aimed at reshaping regulation of the U.S. crypto market structure. It includes provisions to clarify the division of oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Lummis said U.S. crypto companies have faced uncertainty because clear regulatory standards have been lacking. She added that establishing an institutional regulatory framework could support industry growth and help protect consumers.

Markets are watching whether the bill's passage would further integrate the U.S. crypto industry into the regulatory mainstream. Senate debate could be delayed, however, as Congress handles a budget bill and other major legislation.