CLARITY Act Hearing Live: Senator Lummis Says It's the Most Difficult Bill to Push in Her Career

Odaily Planet Daily reports that the “Cryptocurrency Market Structure Act” (also known as the CLARITY Act) has begun review in the U.S. Senate Banking Committee. U.S. Senator and long-time Bitcoin supporter Cynthia Lummis stated that the CLARITY Act is the most difficult bill she has ever pushed forward in her career. She said that crypto assets have both commodity and security attributes, and that the innovation brought by blockchain technology remains an emerging field. Therefore, the bill requires extensive bipartisan negotiations and industry participation. She also specifically thanked several Democratic and Republican lawmakers, 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 about consumer protection and law enforcement, Lummis argued that the bill actually “benefits consumers” and can address law enforcement concerns. She also emphasized the value of Bitcoin in special situations, stating that it can help people who have suffered domestic violence or live in high-pressure countries “remember and carry their wealth,” because Bitcoin private keys can be stored in memory.