Lummis Faults Democrats Over CLARITY Act Exchange Filing Plan

Sen. Cynthia Lummis of Wyoming renewed her criticism of Democrats over proposed financial disclosures for digital commodity exchanges, drawing attention to an exchange oversight provision in the stalled CLARITY Act.

Under the Senate draft of the Digital Asset Market Clarity Act, exchanges would file annual financial statements certified by an independent public accountant with the CFTC. They would also keep business records for five years, including a complete audit trail.

Lummis criticized Democrats after the Sept. 15 procedural vote on H.R. 3633, which contains the broader market structure legislation. The Senate rejected cloture on the motion to proceed, 49-50. All Democrats who voted opposed cloture, along with four Republicans; one Democrat did not vote.

Senators did not vote separately on the exchange disclosure requirement. The Senate draft containing that provision was to be offered as a substitute only if cloture had been invoked.

The broader bill would divide digital asset oversight between the CFTC and SEC. It also includes whistleblower protections and a proposed CFTC office for retail commodity investors. Lummis has previously criticized Democratic opposition to the proposed retail investor office.

The exchange filing and recordkeeping requirements remain proposals as the bill awaits further Senate action.