Lummis: don't let another country write the rules on crypto

Senator Cynthia Lummis (@SenLummis) is making her most direct public push yet to bring the Digital Asset Market Clarity Act to a full Senate floor vote, warning that inaction carries a real cost. "I did not spend years on this issue to watch another country write the rules that govern the assets Americans invented," she said.

Committee Win, But the Harder Fight Lies Ahead

The bill cleared the Senate Banking Committee on May 14 in a 15-9 bipartisan vote. Two Democrats, Senators Ruben Gallego (D-AZ) and Angela Alsobrooks (D-MD), broke ranks to vote yes alongside all 13 Republican committee members. Both Alsobrooks and Gallego stated for the record that their committee votes were no guarantee of similar approval when the bill reaches the full Senate. Alsobrooks framed her yes vote as "a vote to keep working, not a vote for passage on the floor," while Gallego similarly said his final vote on the floor would depend on further progress.

The legislation would create a federal regulatory framework for digital assets by clarifying the division of authority between the SEC and CFTC, codifying conduct and disclosure obligations for intermediaries, and integrating anti-fraud and anti-money-laundering requirements into the digital asset ecosystem. The committee markup also adopted an insider trading provision among several Lummis amendments that passed with bipartisan support, along with a stablecoin yield compromise negotiated by Senators Thom Tillis and Alsobrooks.

60 Votes and a Shrinking Calendar

On the Senate floor, the bill will require 60 votes to pass, meaning at least seven Democrats would need to vote in favor, assuming all 53 Republican senators vote in lockstep. Gallego and Alsobrooks count toward that seven, not beyond it, and both signaled that their floor support will depend on further movement on ethics and enforcement. A key concern for Democrats is the lack of a provision placing limits on how government officials can invest in or participate in the crypto industry. Several committee members indicated they supported advancing the bill in good faith, but would seek further changes before a floor vote, particularly on illicit finance and ethics.

Senator Mark Warner, one of several Democrats who has engaged with the bill, said he hoped to continue working on it and "get to crypto heaven." Senators Warner, Cortez Masto, and Warnock have signaled continued bipartisan engagement, though none has committed to a floor vote. The White House had set a July 4 target for a signed bill, though analysts now consider August a more realistic window given competition for floor time from reconciliation and other legislation.

If the Senate passes its version, the legislation will then need to be reconciled with the House-passed version of the CLARITY Act before the final text goes to the President's desk. The House passed its own version of the bill on July 17, 2025, by a 294-134 bipartisan vote.

Sources:
CNBC: Crypto industry scores win as Clarity Act clears Senate hurdle
The Hill: Obstacles threaten success of Clarity Act in Senate
Troutman Pepper: Senate Banking Committee Advances CLARITY Act (note: Crypto Council for Innovation, cited in earlier drafts, is a pro-crypto advocacy group)