Sen. Cynthia Lummis (R-Wyo.) called on Saturday for swift action on the Clarity Act to position the U.S. as the architect of a new financial system built around digital assets.
Lummis Wants US To Lead Next Crypto Revolution
In an X post, Lummis emphasized America’s role in building the “dollar-dominated financial system” that sustained “global stability” for a hundred years.
“The Clarity Act ensures we build the next one. The time to act is now — before Beijing decides it will,” the senior GOP lawmaker said.
Where Do Things Stand?
The Clarity Act—a proposed legislation designed to establish a regulatory framework for cryptocurrencies—cleared the Senate Banking Committee last month. Some Democratic Senators broke ranks to vote in favor alongside all Republican members.
The bill has full administrative backing, with President Donald Trump pledging to establish a “future-proof” regulatory framework for cryptocurrencies. Treasury Secretary Scott Bessent also urged Congress to pass the Act, emphasizing its importance for the future of digital assets in the country.
However, the bill faces stiff resistance from some lawmakers. Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking Committee, has vigorously opposed the bill, citing its failure to tackle conflicts of interest arising from Trump and his family’s involvement in cryptocurrency ventures.
Is the China Threat Real?
It’s worth noting that Trump and other Republicans have repeatedly framed the issue as one of national competitiveness, arguing that the U.S. risks ceding cryptocurrency leadership to China.
Beijing issued multiple restrictions between 2013 and 2021 that ultimately banned all cryptocurrency transactions and mining. China’s central bank formally declared all digital-asset trading illegal in September 2021 and reaffirmed the enforcement in November.
The country has rather focused on advancing its central bank digital currency, the Digital Yuan.
Photo: MemoryStockPhoto/Shutterstock
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