Lummis Defends CLARITY Act Against Compliance Criticisms

Senator Cynthia Lummis has defended the CLARITY Act against criticism that it could lower compliance in the crypto industry. She claims the bill will actually enhance enforcement of fraud by directing $150 million towards investigations.

Lummis tweeted on X, stating that the Clarity Act delivers funds for law enforcement to track down scammers and bad actors in the digital asset space.

The CLARITY Act is close to a Senate floor vote, according to Kristin Smith, President of the Solana Institute. She believes it's crucial that lawmakers keep the Blockchain Regulatory Certainty Act (BRCA) intact in the bill.