Lummis Blames Democrats as CLARITY Act Stalls Over Crypto Manipulation

Sen. Cynthia Lummis renewed her criticism of Democrats over the stalled Digital Asset Market Clarity Act, tying the holdup to market manipulation. She argued the legislation would give regulators tools against pump-and-dump schemes, and she blasted Democrats for voting against advancing it. It is not the first time she has hammered the bill's opponents over investor protections.

The math is brutal for the bill's backers. On Sept. 15, the Senate rejected cloture on the motion to proceed by a 49-50 vote, short of the 60 needed to move forward, with one senator not voting. Senators never got a separate vote on market manipulation measures.

The CLARITY Act is meant to build a federal framework for digital assets, a gap the industry has complained about for years. Lummis chairs the Senate Banking Committee's digital assets subcommittee, giving her a front-row seat on the fight. She has previously pointed to other proposed safeguards in the bill, including protections for people who report crypto fraud.

Her latest push zeroes in on trading abuses rather than whistleblowers. The bill remains stalled after the failed procedural vote, with no new vote scheduled.