Senator Cynthia Lummis does not mince words about the CLARITY Act. The Wyoming Republican, who chairs the Senate Banking Committee’s Subcommittee on Digital Assets, has called it likely the last serious opportunity to get real digital asset legislation on the books before 2030.
The bill in question is H.R. 3633, formally known as the CLARITY Act. Its core purpose is something the crypto industry has been asking for since roughly the Obama administration: clear rules about who regulates what. Specifically, the bill draws jurisdictional lines between regulatory bodies, strengthens consumer protections, and addresses illicit finance risks, all while trying to keep the US competitive in a global race for digital asset dominance.
Where the bill stands
The House already passed the CLARITY Act on July 17, 2025, with a vote of 294 to 134.
As of mid-July 2026, the bill is awaiting its turn on the Senate floor. The Senate Banking Committee released an updated version of the bill text in May 2026, incorporating feedback from lawmakers, regulators, and industry players.
