Lummis presses Senate to pass CLARITY Act amid crypto race

Sen. Cynthia Lummis pressed Congress last month to pass the CLARITY Act immediately, warning delays could cause the United States to lose ground in cryptocurrencies and digital assets.

Lummis pointed to China’s central bank digital currency, the digital yuan, which expanded cross-border pilot programs and had processed nearly $55 billion by early 2026. She said the digital yuan poses a challenge to the dollar in some trade corridors in Southeast Asia and Africa.

She also noted Europe’s Markets in Crypto-Assets rules took full effect in late 2024. The regulatory clarity in Europe has encouraged exchanges and stablecoin issuers to establish European entities and compliance infrastructure there.

Lummis is backing two bills in the Senate. The CLARITY Act would set definitions for how different digital assets are classified. The GENIUS Act would create standards for stablecoin issuance. Both measures are advancing through Senate committees and are being positioned for possible votes in 2026.

Lawmakers and industry participants point to uncertainty at home as a factor slowing U.S. crypto activity. Disputes over authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission have left firms unclear about compliance obligations. Supporters of federal rules say clearer standards would help U.S. companies compete with firms operating under MiCA or supported by China’s CBDC pilots.

Lummis has also proposed a strategic bitcoin reserve, suggesting the U.S. Treasury could hold bitcoin as a long-term sovereign asset.

Lummis warned last month: “This is our last chance to pass the CLARITY Act until at least 2030. We can’t afford to surrender America’s financial future.”

Senate leaders are working to reconcile differing views on asset classification, market oversight and stablecoin safeguards. Some lawmakers and regulators have expressed concern that rushed legislation could create loopholes or leave consumer protections insufficient. Congressional calendars show momentum for consideration through 2026, but passage will depend on negotiations over scope, enforcement and regulatory roles.