CLARITY Act Hearing Live: Senator Lummis Calls It the Toughest Bill of Her Career

Odaily News The deliberation on the "Crypto Market Structure Act" (i.e., the CLARITY Act) has commenced before the U.S. Senate Banking Committee. U.S. Senator and long-time Bitcoin advocate Cynthia Lummis stated that the CLARITY Act is the most difficult bill to advance in her career. She noted that crypto assets possess both commodity and security attributes, and that the innovation brought by blockchain technology remains an emerging field. Therefore, the bill requires substantial bipartisan negotiation and industry participation. She also specifically thanked several Democratic and Republican Senators, including Ruben Gallego, Mark Warner, Angela Alsobrooks, Bernie Moreno, Thom Tillis, and John Kennedy, for their cooperation in advancing the bill.

In response to concerns raised by Democratic Senator Elizabeth Warren regarding consumer protection and enforcement, Lummis argued that the bill is actually "pro-consumer" and can address enforcement-related concerns. At the same time, she emphasized Bitcoin's value in special circumstances, stating that it can help people suffering from domestic violence or living in oppressive countries to "memorize their wealth and take it with them," as a Bitcoin private key can be preserved through memory.