SEC's Regulation Crypto Bypasses Congress as CLARITY Act Stalls; Lummis Warns 'Last Chance' Before 2030; New National Security Critique Emerges
Key Questions
What warning did Sen. Lummis issue about the CLARITY Act?
Sen. Cynthia Lummis warned that CLARITY Act momentum will not return this decade, with only three weeks remaining before the August recess.
How is the SEC addressing crypto regulation while the bill stalls?
SEC rulemaking continues to fill the regulatory void left by the stalled CLARITY Act.
What national security risks are associated with the CLARITY Act?
Critics argue the bill would create loopholes enabling illicit financing via DeFi, citing North Korea’s $1.4B Bybit heist and Iranian sanctions evasion.
Sen. Cynthia Lummis warns CLARITY Act momentum will not return this decade; only three weeks before August recess. Industry leaders echo urgency but ethics disputes remain. SEC rulemaking continues to fill void. New critique argues CLARITY Act would create statutory loopholes enabling illicit financing via DeFi, citing North Korea's $1.4B Bybit heist, Iranian sanctions evasion, and terrorist financing. The Slaughter ruling also opens a legislative fix via quorum requirements in the CLARITY Act to preserve bipartisan agency independence.