Senator Lummis says China will 'write the rules' of the new financial era if CLARITY fails

The United States will lose its leadership position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill, according to Wyoming Senator Cynthia Lummis.

Senator Lummis says China will 'write the rules' of the new financial era if CLARITY fails. The United States will lose its leadership position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill, according to Wyoming Senator Cynthia Lummis. Passing a comprehensive crypto regulatory framework would “ensure” that other countries “do not write the rules of the next financial era,” Lummis said. She added in a separate X post: “America built the dollar-dominated financial system that has anchored global stability for a century. The Clarity Act ensures we build the next one. The time to act is now, before Beijing decides it will.” In May, the Senate Banking Committee voted to advance the CLARITY Act after the legislation had stalled for month...