Sen. Cynthia Lummis (R-WY) took to the Senate floor Wednesday to make a plea to her Democratic colleagues: we've given you nearly everything you asked for on the Clarity Act. What more do you want?
In a video posted on X, Lummis detailed how Republicans had accommodated Democrats' "concerns" and "priorities" during the drafting process. She said the bill's "core definitions" were tightened at Democrats' request, and TITLE I—which covers SEC and CFTC jurisdiction—underwent 33 separate Democrat-driven edits. On top of that, the legislation was amended to add three new titles and 23 additional sections focused on curbing illicit finance and sanctions evasion.
But the biggest concession, according to Lummis, came on ethics. The bill now includes provisions prohibiting federal officials, including President Donald Trump, from profiting from cryptocurrency. "President Trump voluntarily delivered the strongest set of ethics provisions in U.S. history," Lummis said. "I put my own relationship with President Trump on the line."
The Bitcoin-friendly senator urged Democrats to do "what's best for American innovation" above partisan politics. "After nearly 11 months of giving almost everything asked of us, I genuinely don't know what else my Democrat colleagues need before we act," she said.
But Democrats aren't convinced. Senate Democrats who spent months negotiating the bill say the latest text "falls short" on ethics and conflicts of interest. Sen. Elizabeth Warren (D-MA) went further, demanding the bill be "dead on arrival" because it does nothing to stop Trump from profiting further from cryptocurrency.
The Senate has moved the Clarity Act to the back burner, spending its final pre-recess days on federal nominations and a Russia sanctions bill instead. On Polymarket, the odds of the bill becoming law in 2026 have fallen to 28%, down from 38% the week before.
So where does this leave the crypto industry? Stuck in limbo, waiting for lawmakers to find common ground. Lummis says Republicans have given almost everything asked of them. Democrats say it's not enough. And the clock is ticking.
