Senators Cynthia Lummis, Tim Scott Press For CLARITY Act Passage – Reportedly Eye Push After July 4

• Senators Tim Scott and Cynthia Lummis urged Congress to pass the CLARITY Act, calling it the "future of finance,” on Monday.
• Lummis warned that other countries could shape global digital asset standards if the US fails to act.
• Senate Republicans are targeting a post-July 4 floor push after the bill cleared committee in a bipartisan vote.

Republican Senators Tim Scott (R-SC) and Cynthia Lummis (R-WY) urged the passage of the The Digital Asset Market Clarity (CLARITY) Act, calling it "the future of finance" and arguing that clear crypto regulations are essential for maintaining US leadership in digital assets.

Scott, who chairs the Senate Banking Committee, said in a post on X that the legislation would establish "the rules of the road" for crypto markets and help make the U.S. the "crypto capital of the world." He added that "the future of finance should be built in America, under American laws, and with American values," echoing President Donald Trump's pledge to position the country as a global crypto capital. 

Lummis echoed that message, stating on X that the U.S. "can't lead international conversations about digital asset standards while refusing to pass its own." She said that without the CLARITY Act, other countries would fill the regulatory vacuum and create standards that may not align with American interests and values.

Senator Lummis Sharpens Crypto Push

Lummis, one of the Senate's most prominent Bitcoin (BTC) advocates and chair of the Banking Subcommittee on Digital Assets, framed the stakes in even sharper terms, previously calling Bitcoin "a national imperative for America's continued financial leadership" and separately championing the Bitcoin Act, now known as American Reserve Modernization Act of 2026 (ARMA), to establish a federal Strategic Bitcoin Reserve. 

At the time of writing, Bitcoin’s price was trading at $71,588, crashing to a 7-week low. On Stocktwits, retail sentiment around BTC remained in the ‘extremely bearish’ zone, while chatter around it stayed in the ‘normal’ levels over the past day. 

Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, had said at the Consensus Miami conference last month that the White House was targeting July 4 for passage.

Senate Eyes Post-July 4 Push For CLARITY Act

The comments come as Senate Republicans continue to push for crypto market-structure legislation before lawmakers leave Washington for the August recess. Adam Minehardt, the Chief Policy Officer at Hyperliquid (HYPE) Policy Center, noted that the Senate has 34 days in session before the recess.

Minehardt added that lawmakers are targeting the week after July 4 to bring the bill to the floor, and that the next step would be merging the Senate Banking Committee's portion of the bill with the Senate Agriculture Committee's section. He also said that negotiations were ongoing over ethics provisions that would restrict government officials from owning digital assets.

The CLARITY Act is aimed at creating a federal framework for digital asset markets, including clearer oversight responsibilities for regulators. The renewed push comes after the Senate Banking Committee advanced the bill in a 15-9 bipartisan vote last month, leaving the Senate floor as the last major hurdle before the bill can reach the president's desk. 

At the same time, CryptoInAmerica report stated that US banking lobbying groups and JPMorgan CEO Jamie Dimon are starting a new campaign against the current compromise on stablecoin yields. Custodia Bank is also preparing to file a motion with the Supreme Court regarding the Federal Reserve’s denial of its master account.

Read also: TBH Stock Climbs On House Of Doge-Paxos Dogecoin Deal, But Reverse Split Muddies The Retail Sentiment

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