Sen. Cynthia Lummis (R-Wyo.) pressed Democrats on Wednesday on what additional concessions they need to move the Clarity Act forward, adding that Republicans have accommodated nearly all of their asks.
Lummis Says Bill Was Amended Several Times
Lummis posted a video of her Senate floor speech on X, where she said that Republicans accommodated Democrats’ “concerns” and “priorities” while drafting the cryptocurrency legislation.
Lummis said the bill’s "core definitions" were tightened at Democrats’ request, and TITLE I—covering SEC and CFTC jurisdiction—underwent 33 separate Democrat-driven edits.
The senior Republican said that following Democrats’ requests, the legislation was amended to add three new titles and 23 additional sections focused on curbing illicit finance and sanctions evasion.
‘I Put My Own Relationship With President Trump on the Line’
Lummis said that Republicans conceded the most on ethics provisions on prohibiting federal officials, including President Donald Trump, from profiting from cryptocurrency.
“President Trump voluntarily delivered the strongest set of ethics provisions in U.S. history,” she stated. “I put my own relationship with President Trump on the line.”
The Bitcoin (CRYPTO: BTC)-supportive lawmaker urged Democrats to do “what’s best for American innovation” above partisan politics
“After nearly 11 months of giving almost everything asked of us, I genuinely don’t know what else my Democrat colleagues need before we act,” Lummis said.
No Consensus Yet on Ethics Provisions
Senate Republicans released last week an updated draft of the Clarity Act with new ethics provisions that prohibit federal officials, including the president and vice president, from “issuing or sponsoring” digital assets for profit while in office.
However, Senate Democrats who spent months negotiating the bill said that the latest text “falls short” on ethics and conflicts of interest.
Sen. Elizabeth Warren (D-MA) went further, demanding the bill be "dead on arrival" as it does nothing to stop Trump from profiting further from cryptocurrency.
Meanwhile, the Senate has moved the Clarity Act to the back burner, spending its final pre-recess days on federal nominations and a Russia sanctions bill instead.
Polymarket prices the odds of the bill becoming law in 2026 at 28% as of this writing, down from 38% the week before.
Photo Courtesy: Victor Sanchez G on Shutterstock.com
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