Legislative Gridlock on Clarity Act Despite Administration Support
The Crypto Clarity Act, passed by the House over a year ago and cleared Senate Banking Committee in May, remains stalled awaiting a full Senate floor vote. According to reporting, bipartisan senators are working to revise provisions related to Trump administration ethics concessions in an effort to secure sufficient votes for passage. Senator Cynthia Lummis has publicly criticized Democratic lawmakers for delaying the bill's advancement.
Support for the measure spans industry participants. Crypto conglomerate DCG warned the Senate that failure to pass the Clarity Act risks ceding competitive advantage to international jurisdictions including Singapore and the UAE. The banking lobby has been cited as a partial source of obstruction, though some Democratic senators are signaling openness to the bill if law enforcement-related changes are incorporated.
SEC Chair Atkins stated the agency stands ready to develop crypto rules independently should the legislative effort fail, signaling regulatory action may proceed on separate tracks if Congress does not act.
