US Senator Cynthia Lummis warned lawmakers must pass the CLARITY Act soon or risk delaying comprehensive crypto regulation until at least 2030.
The proposed legislation aims to define regulatory oversight across the crypto industry, but upcoming midterm elections could slow progress and reduce the likelihood of passage this year.
“This is our last chance to pass the Clarity Act until at least 2030,”
Said Cynthia Lummis, adding that the US cannot afford to “surrender America’s financial future.”
Support for the bill is growing across the crypto sector, with industry leaders arguing that clearer rules would boost innovation and attract more investment.
Coinbase CEO Brian Armstrong and former White House crypto adviser David Sacks have both urged lawmakers to act quickly, while regulators have also signalled support.
Advocates say the legislation would benefit both consumers and entrepreneurs by clarifying which agencies oversee different parts of the market and reducing regulatory uncertainty.
However, disagreements over key issues such as stablecoin yield remain unresolved, leaving the bill’s timeline uncertain as political priorities shift ahead of elections.