US Senator Cynthia Lummis has warned that failure to pass the CLARITY Act before year’s end risks delaying clearer crypto regulation until at least 2030. The bipartisan legislation aims to define which federal agencies oversee which parts of the cryptocurrency industry. Several prominent industry leaders and a former White House official have voiced support for the urgent passage of the bill, citing its potential to foster innovation and protect consumers.
US Senator Cynthia Lummis, a well-known crypto advocate, stated that Congress must soon pass the CLARITY Act or risk waiting years for another opportunity. “This is our last chance to pass the Clarity Act until at least 2030,” she said in a social media post, adding “We can’t afford to surrender America’s financial future.”
Industry participants worry the bill’s momentum may slow due to the upcoming November midterm elections. Former White House AI and crypto czar David Sacks shared a similar view, expressing confidence the Senate would pass it and that President Trump would sign it into law.
Proponents argue the legislation will clarify regulatory oversight and drive innovation. A16z Crypto managing partner Chris Dixon reiterated that “when rules are defined, both consumers and entrepreneurs win.” Web3 gaming figure Robbie Ferguson also stated the Act would significantly boost growth in the sector.
Coinbase CEO Brian Armstrong recently said “it’s time” for the legislation to pass after months of delays. Coinbase chief legal officer Paul Grewal noted the bill could be nearing a key committee hearing, though progress depends on resolving disagreements over stablecoin yield.
Regulatory support appears to be growing as well. US Securities and Exchange Commission (SEC) Chairman Paul Atkins said it is time for Congress to advance comprehensive market structure legislation.
