GOP Senator Cynthia Lummis has once again sharply criticized Democrats concerning the much-anticipated cryptocurrency Clarity Act.
Posting on X on Tuesday, the cryptocurrency-friendly politician replied to a Semafor piece indicating that Republican senators believed the legislation would likely fail once the Senate resumed sessions next week.
Politicians had originally anticipated that a vital vote regarding the delayed digital asset market structure proposal would occur in August prior to their five-week legislative break. Instead, it faced postponement, and the Senate is now scheduled to hold a vote next week.
JUST IN: 🇺🇸 U.S. Senate will hold a procedural cloture vote on the Clarity Act one week from today.
Senator Cynthia Lummis says if they fail to pass it next week, “we will not get another realistic shot at this before the end of the decade” 👀
Pass it 👏 pic.twitter.com/BIejUDw0Tu
“If this bill fails it won’t be because of ethics, it will be because Democrats didn’t join Republicans in embracing a bipartisan bill that protected consumers, cements America’s leadership in digital assets, and empowered law enforcement to clamp down on illicit finance,” wrote Lummis.
She mentioned that Democrats persisted in “demanding changes” that might enable future regulatory bodies to “shut down the cryptocurrency sector.”
“If we can bridge those gaps I’m confident we can pass Clarity, but they require further compromise from Democrats, not the White House,” added Lummis.
Lummis previously asserted that any demise of the Clarity Act would rest on the shoulders of the Democrats. Lummis and fellow crypto-advocating legislators have previously condemned politicians suspected of intentionally delaying the measure.
The Clarity Act establishes a regulatory blueprint to formally split supervisory duties among watchdogs, defining which digital tokens qualify as securities, commodities, or stablecoins.
Although the House of Representatives approved it last July, momentum slowed this year primarily due to friction between banking lobbyists and cryptocurrency firms regarding the payment of stablecoin yields to users.
A fresh draft addressing ethics concerns emerged in circulation in July, prohibiting public officials from endorsing or profiting from digital currencies—a practice Democrats have rebuked members of the Trump family for engaging in.
Even with these modifications, several Democrats argued the proposal was inadequate and demanded further amendments.
President Donald Trump has strongly encouraged politicians to finalize the law. Back in August, he stated that for the United States to maintain its position as the “unrivaled leader in Bitcoin and crypto,” approving the “extremely powerful legislation” was essential.
Originally published at https://bitcoinmagazine.com/news/lummis-blasts-democrats-on-clarity-act.
