Senate Banking Committee Advances Digital Asset Market Clarity Act Amid Illicit-Finance Debate
Senator Cynthia Lummis told a Blockchain Association town hall that the bill is the most negotiated regulatory framework for digital assets ever presented and warned that delay could push action to 2030.
CoinDeskThe Senate Banking Committee recently advanced the Digital Asset Market Clarity Act, moving the legislation closer to a full Senate vote that would require 60 yes votes to pass. Senator Cynthia Lummis, who heads the panel's digital assets subcommittee and has been a leading Republican negotiator on the bill, spoke at a Blockchain Association online town hall on Thursday, June 4, 2026.
" Lummis said the bill would raise standards for digital asset exchanges.
"The current status quo is that digital asset exchanges are subject to lower Bank Secrecy Act and anti-money laundering and sanctions requirements today than they would be if Clarity passes," she said. She also addressed timing. " The Senate has fewer than eight weeks of floor time before a summer break that begins the midterm elections season.
The Blockchain Association produced a letter this week supporting the Clarity Act signed by 160 former law enforcement officials and arranged meetings between some of them and Senate lawmakers. The Revolving Door Project accused the association of trying to "hoodwink senators" with the list, noting that many signers now work for crypto companies.
U.S. Patrick Witt, the White House's chief adviser on crypto, spoke at the same June 4 event. "We're putting real regulatory constraints on businesses and actors that currently live in a state of uncertainty," he said. " Lummis said the bill targets specific conduct.
The Blockchain Association organized the town hall to emphasize the bill's provisions on illicit finance after months of negotiations in which those provisions remained among the top concerns of Democratic lawmakers.
