PiCK
Lummis Says Democrats Opposed CLARITY Act Despite Liability Provision for False Crypto Disclosures
Summary
- Sen. Cynthia Lummis said the CLARITY Act includes a provision holding crypto issuers liable for false disclosures.
- Lummis said Democratic lawmakers opposed advancing the bill despite those investor-protection provisions.
- The CLARITY Act failed to pass a procedural vote in the U.S. Senate on Sept. 15 to move to floor consideration.
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Sen. Cynthia Lummis, a Wyoming Republican, said Democrats opposed the CLARITY Act even though the bill includes a provision holding cryptocurrency issuers liable for false disclosures.
Cointelegraph reported on Sept. 21 that Lummis said the CLARITY Act would impose legal liability on crypto issuers that make false disclosures.
She added that Democratic lawmakers opposed advancing the bill despite those investor-protection provisions.
The CLARITY Act failed to pass a procedural vote in the U.S. Senate on Sept. 15 that was needed to move the measure to floor consideration. Democrats said they opposed the bill in part because its ethics provisions were not sufficient to prevent conflicts of interest related to President Donald Trump's cryptocurrency dealings.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.