United States Senator Cynthia Lummis has warned that lawmakers are approaching a critical deadline to pass the CLARITY Act, stressing that failure to act soon could delay meaningful regulatory progress until at least 2030.
Lummis emphasized that delaying the legislation could risk the country’s financial competitiveness, especially as policymakers face tightening legislative calendars ahead of the November midterm elections, which could shift congressional priorities and stall momentum behind the bill.
Former White House crypto adviser David Sacks echoed the urgency, stating that the Senate Banking Committee should move quickly to advance market structure legislation to a full Senate vote, followed by presidential approval.
Industry Leaders Say Clear Rules Could Drive Innovation
Industry leaders argue that passing the CLARITY Act would define regulatory responsibilities between agencies, creating certainty for companies and investors.
Chris Dixon of Andreessen Horowitz stated that clear regulatory rules typically benefit both consumers and entrepreneurs by reducing uncertainty and encouraging innovation.Support has also emerged from the gaming sector, with Robbie Ferguson of Immutable suggesting the legislation could accelerate growth across blockchain-based gaming platforms.
Meanwhile, Brian Armstrong and Paul Grewal indicated that the proposal may soon reach a markup hearing, though disagreements over stablecoin yield regulations remain a key obstacle.
Regulatory backing is also growing, with Paul Atkins voicing support for comprehensive market structure legislation designed to modernize oversight frameworks.
Disclaimer
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