Lummis Says Democrats’ CLARITY Act Vote Rejected Custody Rules

Sen. Cynthia Lummis accused Democrats of opposing custody standards she says the Digital Asset Market Clarity Act would require of digital commodity exchanges. She framed rules for holding customer funds as a consumer-protection measure.

Lummis characterized Democrats' opposition to advancing the bill as a rejection of its custody requirements. The Senate vote at issue was on cloture for the motion to proceed, not a standalone vote on custody provisions.

On Sept. 15, the Senate failed to invoke cloture, 49-50. All Democrats who voted opposed cloture, along with four Republicans; one Democrat did not vote. The failed cloture vote left the broader measure awaiting further action.

Lummis has also criticized Democrats over proposed exchange disclosure and recordkeeping provisions in the bill, a separate issue covered in her earlier criticism of the filing plan.