Cynthia Lummis Says No Real Chance for Crypto Bill This Decade if It Fails Next Week's Procedural Vote

Odaily News: U.S. Republican Senator Cynthia Lummis said that if the Clear Act fails to pass, the blame lies with Democrats for not joining Republicans in supporting the bipartisan bill. She stated that Democrats' continued demands for amendments could lead to future regulators stifling the crypto industry; if differences can be bridged, the bill can pass, but Democrats need to compromise further, rather than the White House making concessions.

The U.S. Senate will hold a procedural vote on the bill next week. The bill aims to delineate regulatory responsibilities and clarify whether digital assets are securities, commodities, or stablecoins; the bill passed the House last July but was stalled due to conflicts between banking lobbying groups and crypto companies over customer stablecoin yield issues. A new draft circulating in July prohibits government officials from promoting crypto or profiting from it, with Democrats criticizing the Trump family's involvement in the sector and demanding further amendments.