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The United States government must pass the CLARITY Act, which aims to provide the crypto industry with clearer regulatory oversight, soon, or risk waiting almost another four years to move the industry forward, according to US Senator Cynthia Lummis.
“This is our last chance to pass the Clarity Act until at least 2030,” Lummis, a well-known crypto advocate, said in an X post on Friday.
“We can’t afford to surrender America’s financial future,” she added. The comments come as crypto industry participants begin to worry that the bill’s chances of passing this year are narrowing, with US midterm elections in November potentially changing congressional priorities and slowing momentum on the highly anticipated crypto legislation.
The former White House AI and crypto czar, David Sacks, also chimed in on Thursday with a similar view to Lummis.
“The time to act is now. Senate Banking, and then the full Senate, should pass market structure. I’m confident that they will. And then President Trump will sign this landmark bill into law,” Sacks said.
Consumers and entrepreneurs both “win” from the CLARITY Act
Many industry participants have argued that the passage of legislation aimed at clarifying which regulators oversee parts of the crypto industry could lead to greater innovation in the US and potentially increase demand for crypto assets among retail investors.
Source: Chad SteingraberA16z Crypto managing partner Chris Dixon reiterated that view in a post, saying that “when rules are defined, both consumers and entrepreneurs win.”
A wide range of sectors in the crypto industry expect the move to be positive.
Web3 gaming giant Immutable founder Robbie Ferguson said just days before, on April 3, that “the CLARITY Act will make the last decade of growth in gaming look like a joke.”
On Friday, Coinbase CEO Brian Armstrong, who withdrew the crypto exchange’s support for the Digital Asset Market Clarity Act in January, said “it’s time” for the legislation to pass after months of delays.
Meanwhile, Coinbase chief legal officer Paul Grewal said on April 2 that the CLARITY Act could be nearing a markup hearing in the US Senate Banking Committee. However, he noted that progress hinges on resolving disagreements over stablecoin yield.
Related: CFTC unveils innovation task force members in crypto clarity push
Regulators are also voicing their support for the legislation.
US Securities and Exchange Commission (SEC) Chairman Paul Atkins said in a post on the same day that, “It's time for Congress to future-proof against rogue regulators & advance comprehensive market structure legislation to President Trump's desk.”
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