Lummis says the Senate will vote on the CLARITY Act before recess, putting lawmakers on record on crypto oversight. Democrats flag five unresolved areas including securities protections and illicit finance.
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Senator Cynthia Lummis said the Senate will vote on the CLARITY Act before the August recess, putting every lawmaker on the record on crypto oversight.
Lummis, the Wyoming Republican who chairs the Senate digital assets panel, told Fox Business on Aug. 5 that the chamber could stay in session through the weekend to clear several pending bills. The CLARITY Act is one of them.
"I don't think we will be leaving on Friday. I think we will go into the weekend," she said.
The bill would split federal crypto oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission, creating separate paths for digital commodities and securities. Lummis said 11 months of talks produced more than 300 pages of changes requested by Democrats. Negotiations continue over the CFTC section, law enforcement provisions, and ethics rules for senior federal officials.
"I do believe that we will get a vote on the CLARITY Act and get people on the record," she said.
Democratic Senate Banking Committee staff identified five unresolved areas on Aug. 5, including securities protections, illicit finance, national security, and presidential conflicts of interest. President Donald Trump received a bipartisan counterproposal that would let state attorneys general enforce federal crypto ethics rules, following talks led by Senators Thom Tillis (R-NC) and Ruben Gallego (D-AZ).
Lummis noted Trump had accepted ethics restrictions broader than those imposed on previous presidents, though Democrats sought further safeguards.
"We are going to vote on it so it can't die by no votes. And if it dies, it's going to be because the Democrats kill it," she said.
CFTC Chairman Michael S. Selig endorsed congressional action after the Senate Agriculture Committee advanced digital asset market structure legislation on Jan. 29. SEC Chairman Paul Atkins also expressed optimism that Congress will pass the bill.
Supporters say defined agency authority would give exchanges, developers, and investors consistent rules. Lummis argued the framework would keep crypto companies and capital in the United States rather than pushing them to Switzerland, the UAE, or Singapore.
"We've tried to find a way to allow innovation to occur while still having a clear regulatory framework that this industry can comply with," she said. "And they want to comply. They want to be in the United States. Let's let them by passing the CLARITY Act."
The approaching recess has narrowed the window for securing the 60 votes generally needed to advance major legislation. Republicans hold 53 seats, requiring Democratic support. A Senate vote would place every lawmaker on the record ahead of negotiations with the House.
The technology trade group representing more than 1,300 companies renewed its push for Senate approval after Lummis's comments.
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