Lummis Says CLARITY Act Could Open Door for US Banks to Hold Bitcoin, Boost Prices

Sen. Cynthia Lummis said the CLARITY Act could create the legal foundation for US banks to hold digital assets, including Bitcoin.

CoinGape reported on September 15 that Lummis made the remarks in an interview with Bloomberg Crypto. She said the bill could ease restrictions on banks holding digital assets and that Bitcoin would "rise significantly" if it passes.

The CLARITY Act, a US bill focused on crypto market structure, would explicitly allow federally chartered banks to provide digital-asset custody, lending and brokerage services. It also would let banks hold digital assets on their own balance sheets to the extent necessary for permitted banking activities such as risk management and liquidity management.

The US Senate is scheduled to hold a cloture vote on the CLARITY Act on September 15. The vote is not on final passage, and 60 votes are needed to continue consideration of the bill. Republicans hold 53 seats, meaning at least seven Democratic senators would need to back the measure.

Democrats are seeking further revisions, arguing the bill lacks sufficiently strong ethics provisions to limit crypto-related conflicts of interest involving public officials and their families. Some in the banking industry have also raised concerns about the bill's stablecoin provisions, leaving the outcome of the vote uncertain.