Senator Cynthia Lummis is also putting pressure on legislators to advance the CLARITY Act. Her statement comes as the bill awaits a major deadline during April 13-20 the future of U.S. crypto regulation.
Senator Cynthia Lummis Strongly Advocates For CLARITY Act Approval
“It’s time Congress passes the Clarity Act. It’s now or never,” Lummis wrote on X. The urgency comes as the Senate is nearing a committee phase. In a previous post, she said, “This is our last chance to pass the Clarity Act until at least 2030. We can’t afford to surrender America’s financial future.”
The proposed bill has already passed the House with a solid bipartisan margin. It aims at creating a formal regulatory framework of digital assets in the U.S. The focus has now shifted to the Senate due to the upcoming April deadline.
The most immediate development is the Senate Banking Committee markup, which will take place between April 13-20. This phase is commonly considered to be decisive, as any delays would make the further progress more difficult.
Following this, the bill must pass through additional steps, including reconciliation, a full Senate vote, and conference alignment. After clearing these milestones, U.S. President Donald Trump would need to offer final approval for the CLARITY Act to become a legislation.
Also Read: XRP Price Expectations As CLARITY Act Enters “Make It Or Break It” Week
Treasury Secretary & Other Lawmakers Slam Legislative Delays
Lawmakers are rallying against further delay as holidays are coming up. As the Memorial Day recess starts May 21, there is a dearth of legislative time. Lack of floor action prior to such a break might cause a slippage of the procedure into a more politically charged timeframe. At the time, midterm politics may crowd out policy priorities.
Meanwhile, internal deliberations keep on playing with the timeline around the CLARITY Act. The Republican senators are considering other frameworks that have clauses associated with wider financial regulation bills, which complicates the negotiations.
Another contentious element is the provision of stablecoin yields, which has emerged as a point of disagreement. It indicates the concerns of the traditional banking stakeholders regarding the effects of liquidity and lending.
Treasury Secretary Scott Bessent has urged swift action, citing growing use of digital assets and limited time on the Senate floor. In a recent statement, he emphasized, “Senate floor time is scarce, and now is the time to act.”
The next few weeks will be critical to the CLARITY Act taking shape in the Senate due to the presence of several moving components and a tight timeframe.
Also Read: COIN Stock Prediction As Price Keeps Falling Despite SEC and CFTC Support for CLARITY Act
