Sen. Lummis warns China could overtake US in crypto if CLARITY stalls

Wyoming Senator Cynthia Lummis warned the United States will lose its leadership position in crypto to other countries, including China, if lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY). She said passing a comprehensive crypto regulatory framework would “ensure” that other countries “do not write the rules of the next financial era.” In a separate X post she added: “America built the dollar-dominated financial system that has anchored global stability for a century.

The Clarity Act ensures we build the next one. The time to act is now, before Beijing decides it will.” The Senate Banking Committee voted to advance the CLARITY Act in May after the legislation had stalled for months, reviving industry hopes that the bill might be codified into law in 2026.

The crypto market structure bill is described as one of the most significant pieces of crypto regulations in the US, but it remains unclear whether it will be signed into law amid opposition and the looming midterm elections.

United States, Wyoming

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