Senator Lummis Warns U.S. May Fall Behind China on Crypto Rules Without CLARITY Act

According to Cointelegraph, U.S. Senator Cynthia Lummis warned in May that if Congress fails to pass the Digital Asset Market Clarity Act (CLARITY Act), the United States could lose regulatory leadership to other countries including China. Lummis stated that enacting a comprehensive crypto regulatory framework would help ensure other nations do not set the rules for the next financial era. The U.S. Senate Banking Committee voted to advance the bill in May, though it still requires passage in both chambers and presidential approval to become law.
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