Senator Cynthia Lummis has warned that failing to pass the CLARITY Act this Congress could push the future of digital finance to countries that do not share US values. Her comments came on Friday as lawmakers continue debating over how crypto should be regulated in the United States.
If we don’t pass the Clarity Act this Congress, we are handing the future of digital finance to jurisdictions that do not share our values.
— Senator Cynthia Lummis (@SenLummis) June 5, 2026
The statement builds on a broader push led by a group of Senate Republicans who recently called on US financial regulators to provide clearer capital rules for banks dealing with crypto assets.
Lawmakers’ proposal to US regulators on crypto rules
Lummis led a group of senators in sending a letter on May 27 to senior officials at the Federal Reserve, the FDIC, and the Office of the Comptroller of the Currency. The group urged regulators to go further in defining how banks should treat digital assets on their balance sheets.
While the senators welcomed earlier guidance on tokenized securities, they said current capital requirements still make it difficult for banks to hold crypto. They argued that these rules effectively act as a barrier to participation in digital asset markets.
The CLARITY Act is expected to address these issues by setting a clearer framework for how federal agencies regulate crypto activity, including banking use cases such as payments, custody, lending, and trading.
Why is crypto regulation becoming a political priority in the US?
Lawmakers are working under pressure to move the bill forward before the upcoming midterm election cycle, after which it may need to be reintroduced if it fails to pass.
The debate over crypto regulation is also happening alongside similar efforts in other regions. The European Union has already introduced the MiCA framework, while countries in Asia and the Middle East are building their own licensing systems for digital assets.
In the US, policymakers are increasingly focused on balancing innovation with financial stability while ensuring that banks are not discouraged from participating in crypto markets by strict capital rules. 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.
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