Senator Lummis Warns of Significant Delays for U.S. Crypto Legislation, Citing Economic Risks
Senator Cynthia Lummis issued a warning on September 6, 2026, indicating that if the CLARITY Act is not passed by the current Congress, the next viable opportunity for comprehensive U.S. crypto market-structure legislation might not arise until 2030. This delay, according to Senator Lummis, could lead to substantial losses in jobs, investment, and tax revenue within the digital asset sector. The CLARITY Act aims to establish formal definitions for digital assets and delineate oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) based on asset classification. Currently, without this legislation, the SEC continues to apply the Howey test on a case-by-case basis, lacking binding rules or procedural protections for the industry. Senator Lummis emphasized that the issue is not merely a short procedural setback but a potential four-year gap in legislative progress, underscoring the urgency for lawmakers to finalize a framework for the...