Sen. Cynthia Lummis (R-WY) said Tuesday she will release the full text of the CLARITY Act "in the next few days," pushing the Senate closer to a crypto market structure vote before the August recess.
The bill – which has been in drafting for 10 months – aims to create a federal framework for digital asset classification and exchange oversight. Lummis confirmed the timeline at an event on Capitol Hill, though she did not specify a precise date of introduction.
"We've been working on the Clarity Act every day for 10 months," Lummis said. "And we'll introduce bill text soon."
The announcement is the latest indicator that Senate leadership is serious about passing a comprehensive crypto bill this session. The August recess deadline, typically around the first week of August, leaves roughly three weeks for legislative action.
CLARITY is short for "Crypto Legal Authority and Regulatory Integrity for Transactions Act." It would give the Commodity Futures Trading Commission primary authority over digital commodity spot markets and define which tokens are securities versus commodities. Industry groups have lobbied heavily for the bill, arguing that clear rules will attract institutional capital and reduce regulatory arbitrage.
Lummis has been the Senate's most vocal crypto advocate. She introduced a stablecoin bill earlier this year and has pushed for bitcoin-friendly tax policies. The CLARITY Act represents her most ambitious effort yet – a bid to replace the current patchwork of SEC enforcement actions with a statutory framework.
Traders reacted cautiously. Bitcoin held near $64,200 after the news, while ether traded flat at $3,410. The broader market has been range-bound for weeks, waiting for a regulatory catalyst.
The Senate Banking Committee will likely hold a markup session once the bill text is filed. Any floor vote would require bipartisan support – a non-trivial hurdle in an election year. Critics, including some Democrats, have questioned whether the bill provides enough investor protection.
For now, the clock is running. Lummis has made clear she intends to move fast. The next concrete milestone: the actual bill text, expected by the end of this week.
Lummis to release CLARITY Act within days, bringing Senate crypto vote closer
Sen. Cynthia Lummis said she will release the full text of the CLARITY Act within days, after 10 months of drafting. The bill would set federal rules for crypto, including oversight of exchanges and whether tokens are treated as securities or commodities, with roughly three weeks left for Senate action before the August recess.