U.S. Senator Cynthia Lummis urged lawmakers to back the CLARITY Act, calling it an important move to help the United States keep its lead in global finance as digital assets change the market.
Lummis wrote on X that the digital asset market structure bill is more than just another crypto proposal. She said the U.S. created the dollar-based system that has supported global stability, but slow action in Congress could allow China to set the rules for digital assets.
The Clarity Act is not just a crypto bill. It’s a decision about whether America leads the next financial system or watches from the sidelines.
— Senator Cynthia Lummis (@SenLummis) June 1, 2026
Lummis warned that missing this chance could delay federal guidelines until 2030, leaving U.S. crypto firms without clear rules and driving investment abroad. Even though banks oppose the bill, some regulators are still hopeful. Notably, SEC Chair Paul Atkins recently said he expects Congress to pass the bill and send it to the president.
Trump renews support for crypto industry
Trump has repeated his support for the cryptocurrency sector as Congress discusses the CLARITY Act, a bill designed to set clear rules for digital assets.
In a post on Truth Social, Trump accused former SEC Chair Gary Gensler and what he called the “Anti-Crypto Army” of hurting the industry with strict regulations. He said earlier policies drove crypto innovation and businesses out of the United States.
Trump said his administration encouraged blockchain developers and crypto companies to come back to the United States. He repeated his goal to make the country a global hub for digital assets and promised rules that would protect the industry from changing political priorities.
Delays in regulation raise concerns for U.S. innovation
The CLARITY Act, which splits oversight between the CFTC and SEC, passed the House but faces pushback in the Senate Banking Committee, mainly over stablecoin yield models and reserve requirements.
In the opposition, JPMorgan CEO Jamie Dimon recently said the banking sector will resist any provisions that let crypto firms offer yield on deposits without meeting the same anti-money laundering and capital reserve rules as traditional banks.
If Congress fails to codify the framework during the current legislative session, the entire statutory process must restart under a new congressional makeup.
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