Sen. Lummis warns Democrats may kill the Clarity Act despite ethics concessions from Trump. A vote is scheduled before Senate recess, with institutional support from BlackRock and Fidelity.
Senator Cynthia Lummis said the Clarity Act will get a vote before the Senate recess. She warned that Democrats could kill the bill with further demands.
Lummis told Fox Business Wednesday she has been working with Democratic lawmakers into the night. Some still make unreasonable demands, she said. The president agreed to an ethics provision no previous president has accepted, she added.
"He's gone farther to protect ethics than any president in history – yet the Democrats do want more. Their proposal is in front of the president now, and we'll see what he does," Lummis said.
"We're going to vote on it. If it dies, it's going to be because the Democrats kill it. I've bent over backwards for 11 months, to give them as much as we can possibly give them to regulate this industry."
The Clarity Act has been stalled for much of 2026. The banking lobby raised concerns over crypto companies allowing clients to earn stablecoin yield. An updated bill introduced in July bans government officials and their families from issuing or promoting crypto. A group of Democrats in July said the bill needs work.
Major financial institutions like Fidelity and BlackRock back the new bill. Law enforcement organizations have also thrown their weight behind it.
The Senate recess is approaching. A vote is scheduled before lawmakers leave Washington. The outcome remains uncertain.
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