CLARITY Act Update for XRP Holders: Senator Cynthia Lummis Makes Fresh Statement

Senator Cynthia Lummis has spent nearly four years building the legislative foundation for digital asset regulation in the U.S. Bitcoin Magazine highlighted her recent remarks on X, capturing mounting frustration with the bill’s stalled progress.

Lummis entered the Senate in 2020 with a specific goal. Wyoming’s legislature was already years ahead of Washington on digital asset law, and she wanted to keep those companies in Wyoming and, more importantly, in America.

JUST IN: 🇺🇸 Republican Senator Cynthia Lummis calls out the Democrats for holding up the Clarity Act:

"After nearly 11 months of giving almost everything asked of us, I genuinely don't know what else my Democrat colleagues need before we act." 👀
pic.twitter.com/1SMzfkNVfQ

— Bitcoin Magazine (@BitcoinMagazine) July 29, 2026

Building the Bill

In June 2022, Lummis and Democratic Senator Kirsten Gillibrand introduced the Lummis-Gillibrand Responsible Financial Innovation Act, dividing oversight between the SEC and the CFTC and addressing stablecoins at 168 pages. Rather than create a standalone regulatory framework, they chose to overlay digital assets over the existing one.

By 2023, the revised bill reached 274 pages, adding provisions targeting mixers, tumblers, crypto ATMs, plain language customer agreements, and crypto advertising. The current CLARITY Act stands at 616 pages. Lummis has described it as “growth on American terms,” protecting consumers and guarding against illicit finance.

“I Genuinely Don’t Know What Else My Democrat Colleagues Need”

Lummis said, “After 11 months of giving nearly everything that was asked of us, I am genuinely struggling to understand what else my colleagues across the aisle think it needs before we act.”

The CLARITY Act cleared the Senate Banking Committee in May with a 15-9 bipartisan vote. It needs 60 votes on the Senate floor, with up to 9 Democratic crossovers. Recent reports suggest more Democrats are showing support, but those votes have not materialized.

The Democratic Attacks

Before the May 14 markup, Senator Elizabeth Warren single-handedly filed over 40 amendments. The total exceeded 100 across the committee, with over 8,000 letters sent to Senate offices by American Bankers Association members in less than a week.

One of Warren’s amendments would block the Federal Reserve from granting master accounts to crypto companies. All Democratic members voted in favor of a Warren amendment giving Treasury authority to sanction DeFi services. All 13 Republican members rejected it.

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The Ethics Provisions

Democrats have also demanded stronger ethics language targeting officials who profit from crypto while in office, with Trump’s meme coins and World Liberty Financial at the center of the debate. Republicans released updated ethics language in late July addressing these problems, but many Democrats have yet to cross the line.

What Happens Next?

Senate Majority Leader John Thune has pledged a floor vote before the August 8 recess. Failing to pass the bill leaves the U.S. with no regulatory framework, no consumer safeguards, and no ethics standards for officials in the crypto space. The window is closing quickly.