Lummis Says Democrats Opposed Advancing CLARITY Act After Cap Changes

Senate Banking Committee Digital Assets Subcommittee Chair Cynthia Lummis said Democrats opposed advancing the Digital Asset Market Clarity Act of 2025 after the bill incorporated fundraising limits she said they requested.

Lummis said Democrats sought to lower the annual crypto fundraising limit from $75 million to $50 million and add a $200 million lifetime cap. She said both changes were accepted and added to the CLARITY Act, which she characterized as a measure to protect retail investors.

The Senate’s 49-50 vote on H.R. 3633 was on whether to invoke cloture on a motion to proceed, a procedural step in advancing the bill. Senators did not vote separately on the fundraising caps or on a standalone investor-protection rule.