Cynthia Lummis · China · CLARITY Act · US Senate · US Congress · Cointelegraph
Senator Lummis confirms China will 'write the rules' of the new financial era if CLARITY falters
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The Senate Banking Committee voted to advance the CLARITY Act in May, but it must still pass both chambers of Congress before heading to the president's desk.
Key facts
- If the bill is not signed into law in 2026, the window to pass the legislation may not come again until 2030, Senator Lummis warned
- In May, the Senate Banking Committee voted to advance the CLARITY Act after the legislation had stalled for months, reviving crypto industry hopes that the bill might be codified into law in 2026
- The United States will lose its leadership position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market
- The crypto market structure bill is one of the most significant pieces of crypto regulations in the US, but it is unclear if it will be signed into law in 2026 due to opposition from the banking
Summary
The United States will lose its leadership position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill, according to Wyoming Senator Cynthia Lummis. Passing a comprehensive crypto regulatory framework would “ensure” that other countries “do not write the rules of the next financial era,” Lummis said.