Senator Lummis says China will 'write the rules' of new financial era if CLARITY fails

The Senate Banking Committee voted to advance the CLARITY Act in May, but it must still pass both chambers of Congress before heading to the president's desk.

The United States will lose its leadership position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill, according to Wyoming Senator Cynthia Lummis.

Passing a comprehensive crypto regulatory framework would “ensure” that other countries “do not write the rules of the next financial era,” Lummis said. She added in a separate X post:

In May, the Senate Banking Committee voted to advance the CLARITY Act after the legislation had stalled for months, reviving crypto industry hopes that the bill might be codified into law in 2026.

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