Sen. Cynthia Lummis (R-Wyo.) is intensifying pressure on Democrats to support the Clarity Act, which faces a procedural vote on the Senate floor next week. The Wyoming Republican, who chairs the Senate Banking subcommittee on digital assets, argued Thursday that Democrats have already won significant concessions in the legislation.
Lummis's office released a document, first shared with The Hill, detailing 114 "substantive, distinct wins requested by Democrats and agreed to by Republicans." These changes touch on how the Securities and Exchange Commission (SEC) would regulate digital assets, the application of anti-money laundering rules, and oversight of non-decentralized finance platforms.
"I've bent over backwards to make this a truly bipartisan bill that both sides can be proud of and which protects both consumers and this industry," Lummis said in a statement. "The facts show that Democrats have received significant, substantive wins in this bill. It's time for them to lock those wins in and help us pass this bipartisan bill, so America continues to lead the world when it comes to digital assets."
The push comes as key Democrats, along with a handful of Republicans, continue to voice concerns ahead of Tuesday's vote. The primary sticking point for Democrats is ethics. They have long sought restrictions on elected officials profiting from the crypto industry, particularly given President Trump and his family's various crypto-related business ventures.
The White House approved ethics language in late July that would bar public officials and their spouses from issuing or sponsoring digital assets, with enforcement delegated to the Department of Justice. However, Democrats have objected, arguing that state attorneys general should handle enforcement instead.
Lummis took aim at her colleagues across the aisle, suggesting they are demanding changes that "would give future regulators the ability to kill the crypto industry." In a post on X, she wrote: "If this bill fails it won't be because of ethics, it will be because Democrats didn't join Republicans in embracing a bipartisan bill that protected consumers, cements America's leadership in digital assets, and empowered law enforcement to clamp down on illicit finance."
Several Republicans have also expressed reservations, particularly about a stablecoin provision. Stablecoins, digital tokens pegged to stable assets like the U.S. dollar, are governed by the GENIUS Act, which Trump signed into law last year. The banking industry has argued that law left a loophole that could threaten their lending capabilities. After a monthslong fight earlier this year, senators reached a bipartisan compromise to include language in the Clarity Act to further restrict crypto firms from offering rewards on stablecoins. But banking trade groups say it doesn't go far enough, and some GOP senators, including Mike Rounds of South Dakota and Jerry Moran of Kansas, want additional changes.
The Clarity Act's fate remains uncertain as the vote approaches. Lummis's aggressive lobbying reflects the high stakes for the crypto industry and for U.S. competitiveness in digital assets. The outcome could also shape the broader political landscape, with control of the Senate hanging in the balance in the upcoming elections.
As the debate intensifies, Lummis is betting that highlighting Democratic wins will peel off enough support to pass the bill. But with both parties entrenched, the procedural vote could be a cliffhanger.
