CLARITY Act Stalls in Senate as Lummis Blames Democrats for Failed Crypto Vote

The CLARITY Act has yet to make it through the U.S. Senate after the procedural failure of a larger package of crypto market structure legislation, with Republican Sen. Cynthia Lummis disagreeing with Democratic negotiators about that failure.

The Sept. 15 vote concerned cloture on the motion to proceed to H.R. 3633, not final passage. Sixty votes were required to open debate, but 49 senators backed the motion while 50 opposed it and Sen. Chris Coons did not vote. Republicans Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis voted no. Senate records say Tillis did so to seek reconsideration.  

Lummis spoke openly about the vote for the first time during CoinDesk’s Policy & Regulation event on September 22, saying she was “dismayed, dumbfounded and saddened”.

She argued that Democrats had chosen to oppose US President Donald Trump’s administration over legislation to regulate the crypto market structure and blamed the Democrats for the failed vote. These comments were simply her political assessment, and not an explanation for each vote.

Democratic negotiators cited strong ethics provisions. Sen. Angela Alsobrooks backed federal rules for digital assets but wanted stronger cryptomoney rules for the financial holdings of presidents and legislators.