Lummis Says Democrats Rejected CLARITY Act Anti-Evasion Language

Sen. Cynthia Lummis criticized Democrats for rejecting anti-evasion wording in the CLARITY Act, arguing it would let the SEC assess conduct in context and address attempts to exploit technical loopholes.

The bill is intended to establish a federal framework for digital assets and define oversight responsibilities for the SEC and Commodity Futures Trading Commission (CFTC).

All Senate Democrats and four Republicans voted against advancing the bill in a Sept. procedural vote, part of the Senate impasse over the legislation.