Lummis: Pass CLARITY Act Now or Wait Until 2030

Sen. Cynthia Lummis warned Friday that the United States must pass the CLARITY Act now or likely wait until at least 2030, urging lawmakers to act before priorities shift after the November midterm elections. Lummis posted on X, “This is our last chance to pass the Clarity Act until at least 2030,” adding, “We can’t afford to surrender America’s financial future.”

The CLARITY Act would assign regulatory responsibilities across the crypto sector and set market-structure rules for digital-asset trading. Backers say the bill aims to reduce uncertainty about which federal agencies oversee different crypto products and to create a legal framework for trading and market infrastructure. Critics and some members of Congress remain divided over stablecoin rules and how to regulate yield-bearing products.

Industry figures pressed for quick action. David Sacks urged the Senate Banking Committee and the full Senate to advance market-structure provisions, predicting the bill would reach the president’s desk if passed. Chris Dixon wrote that defined rules would benefit both consumers and entrepreneurs. Immutable founder Robbie Ferguson predicted the legislation would have large effects on web3 gaming. Coinbase CEO Brian Armstrong wrote “it’s time” for the bill to pass, while Coinbase chief legal officer Paul Grewal said a markup in the Senate Banking Committee could be near but progress depends on resolving disagreements over stablecoin yield.

Regulators also called for a legislative solution. U.S. Securities and Exchange Commission Chairman Paul Atkins posted that Congress should “future-proof against rogue regulators & advance comprehensive market structure legislation to President Trump’s desk,” highlighting the bill’s focus on jurisdictional questions between securities and commodities authorities.

Senate aides say the Banking Committee could schedule a markup, but timing and the bill’s final language remain uncertain. Key issues include how yield generated by stablecoins should be treated and which federal agency would have primary authority over particular crypto activities. Lawmakers and industry representatives say those details will determine whether the measure can clear committee and secure enough votes for a Senate floor vote before the midterms.

The CLARITY Act has been part of broader efforts in Washington to update U.S. financial rules for digital assets. Supporters contend statute-based clarity would reduce overlapping oversight and encourage investment in the United States. Consumer advocates and some firms call for stronger protections and precise definitions to prevent loopholes. With the November elections approaching, sponsors and backers say there is limited time to resolve technical disputes and build the votes needed to pass the bill this session.