Crypto
Senator Cynthia Lummis Says CLARITY Act Could Reach Senate Floor in June
Sen. Cynthia Lummis said the CLARITY Act could reach the Senate floor in June despite major political and ethics hurdles.
54d ago 4,280
BLOCKINSIDERLoadingSen. Cynthia Lummis said the CLARITY Act could reach the Senate floor in June despite major political and ethics hurdles.
The CLARITY Act officially advanced on May 14 after passing the Senate Banking Committee with a bipartisan 15-9 vote. Senator Cynthia Lummis believes the long-awaited CLARITY Act could finally reach the Senate floor in June.
Meanwhile, lawmakers are warning that several major political fights still stand in the way before the bill can officially become U.S. law.
Speaking on Capitol Hill after the committee vote, Lummis welcomed the progress but warned that the hardest part of the process is still ahead.
“Nobody is popping the champagne quite yet... There’s still a lot of work to do,” Lummis said after the bill cleared the committee.
She added that lawmakers are hoping to bring the legislation to the Senate floor sometime in June, although she admitted that timeline may still be “pretty optimistic.”
One of the first major obstacles now involves merging two separate Senate versions of the crypto legislation.
The Banking Committee’s version mainly focuses on financial regulation, while the Senate Agriculture Committee’s bill handles crypto commodity classifications and CFTC oversight rules.
Both bills must now be combined into a single unified amendment before reaching the full Senate floor.
That process could reopen negotiations around stablecoins, DeFi protections, crypto classifications, and enforcement authority between regulators.
Another major issue centers around ethics provisions linked to crypto investments by public officials.
Several Democrats are pushing for stricter language preventing presidents, lawmakers, and government officials from profiting from crypto-related businesses while holding office.
That debate directly impacts Donald Trump because of his family’s growing involvement in digital asset ventures, including WLFI.
Republican allies have reportedly warned that overly aggressive ethics provisions targeting Trump-linked crypto projects could trigger White House opposition or even threaten the bill’s failure to pass.
Timing is also becoming increasingly important. Lawmakers are now under pressure to complete Senate voting and House reconciliation before Congress enters its August recess period.
If the legislation misses that window, crypto regulation could become delayed by election-focused political battles heading into the midterm campaign season.
Despite this development, Bitcoin's price dropped to $76,214, wiping out its earlier relief rally and pushing its market cap down to $1.54 trillion. The nearly 3% fall also triggered around $852 million in liquidations across the crypto market.
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