Lummis blames opposition to Trump for CLARITY Act vote failure

Senator Cynthia Lummis said on Tuesday that Democrats' opposition to President Donald Trump helped derail a procedural vote on the CLARITY Act. Lummis argued that Democrats' views of Trump and his crypto activities outweighed what she considered the merits of the legislation. Every Senate Democrat opposed the motion to advance the bill, which failed to secure enough votes. Lummis said she had expected the bill to advance after more than a year of bipartisan negotiations. Those negotiations incorporated 126 substantive changes requested by Democrats, according to Lummis. Lummis said she was dismayed that senators could not move past the procedural vote to vote on the bill. Lummis rejected arguments that the crypto industry or Coinbase CEO Brian Armstrong was responsible for the outcome. She said only senators could determine whether the legislation advanced. Democrats and some Republicans had raised concerns before the vote. The final proposal incorporated much of a separate ethics framework and gave state attorneys general an enforcement role. Lummis urged the crypto industry to work with the Securities and Exchange Commission and the Commodity Futures Trading Commission rather than wait for Congress. Both agencies are preparing regulatory frameworks under existing law. Lummis acknowledged that agency rules would be less durable than legislation but said regulators could establish clearer rules for U.S. crypto businesses. Lummis is preparing to leave the Senate and hopes the CLARITY Act will eventually return, although its immediate path has closed.