by Coinstrooper Crypto Articles
Quick Take
  • The Wyoming Republican responded after Warren argued that adversaries exploit crypto to move billions and that the bill would weaken standards.
  • Their clash comes as the Senate races against a narrow legislative calendar.
  • Follow us on X to get the latest news as it happens
  • Lummis countered that the Clarity Act strengthens illicit finance rules rather than weakening them.

What Happened

The Wyoming Republican responded after Warren argued that adversaries exploit crypto to move billions and that the bill would weaken standards. Their clash comes as the Senate races against a narrow legislative calendar.

Meanwhile, the timing raises the stakes for the bill. The Senate returns from recess on July 13, leaving a narrow window before the August break.

Market Context

Clarity Act Passage Odds Slide on Polymarket as Deadline Nears

Prediction markets have turned cautious. On Polymarket, the odds of the Clarity Act becoming law in 2026 fell to 39%, down from 64% in early June.

Why It Matters

Their objections targeted Section 604, the bill’s developer safe harbor. Critics say broad exemptions could weaken oversight of criminal fund flows.

Details

Senator Cynthia Lummis defended the Clarity Act against Senator Elizabeth Warren, rejecting claims that the digital-asset bill creates illicit finance loopholes and pointing to more than 16 safeguards written into the legislation.

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Lummis Points to Built-In Safeguards

Lummis countered that the Clarity Act strengthens illicit finance rules rather than weakening them. She listed specific provisions in a public rebuttal.

Lummis noted that Section 201 applies the Bank Secrecy Act and anti-money laundering (BSA/AML) rules to crypto. Section 303 adds new sanctions aimed at Iran. Section 305 lets exchanges freeze dirty money.

“If you don’t like crypto, then say it, but stop these baseless attacks,” she said.

Illicit finance concerns have become a central sticking point for the legislation. Law enforcement groups and Catholic coalitions pushed back in separate letters last month.

The bill must clear the Senate by then to stand a chance of becoming law this year. That path requires 60 votes, including at least seven Democrats.

Analysts have shifted, too. Galaxy Research now puts the odds of the CLARITY Act becoming law in 2026 at 50%, down from 60% on June 5, citing the shrinking Senate calendar.

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The post Senator Lummis Calls to Stop ‘Baseless Attacks’ on the Clarity Act appeared first on BeInCrypto.