Lummis: Senate Must Pass CLARITY Act or Face 2027 Delay

The bill also sets rules for trading platforms and crypto exchanges. Those rules require customer asset segregation, a measure meant to reduce risks seen in past exchange collapses. Some digital asset firms would come under Bank Secrecy Act duties, raising reporting standards for platforms that handle customer assets and transactions.

A separate provision allocates $150 million for crypto fraud investigations. Lummis said the money would help agencies “track down scammers and bad actors in the digital asset space.”

Debate continues over stablecoin yield products and decentralized finance oversight. Supporters said the bill could replace enforcement-led policy with a written rulebook. Critics questioned whether the text gives enough protection to users and enough detail for DeFi. Those disagreements matter because Senate leaders need enough votes to pass the bill through a divided chamber.

If the CLARITY Act becomes law, it would create the most explicit federal framework for crypto markets to date. Firms would face clearer rules on whether they fall under SEC or CFTC oversight, and exchanges would have to meet new custody and reporting standards. A delay would leave the current patchwork of enforcement actions and state-level licensing in place. The $150 million fraud-fighting fund and the Bank Secrecy Act requirements would also be off the table.

Updated bill text is expected around July 4. Lawmakers and industry groups are reviewing the latest version. The floor schedule will follow when the Senate returns from the July 4 break. Lummis is pushing for a vote before the recess.