US Lawmakers and Industry Leaders Push for Urgent Passage of CLARITY Act

US Senator Cynthia Lummis has issued a stark warning regarding the timeline for the CLARITY Act, asserting that the United States is facing its 'last chance' to pass the legislation before 2030. Lummis argues that further delays could jeopardize the nation's financial competitiveness and leave the digital asset industry in a state of regulatory limbo for years. The urgency stems from the upcoming November midterm elections, which often shift congressional priorities and stall legislative momentum. The CLARITY Act is designed to provide a comprehensive market structure and define which regulatory bodies oversee specific segments of the crypto ecosystem, potentially ending years of jurisdictional ambiguity. Support for the bill has broadened significantly, with Coinbase CEO Brian Armstrong and a16z managing partner Chris Dixon emphasizing that defined rules benefit both entrepreneurs and consumers. Robbie Ferguson, founder of Immutable, suggested that such clarity could catalyze growth in sectors like Web3 gaming far beyond previous levels. In a notable alignment, SEC Chairman Paul Atkins has also urged Congress to advance market structure legislation to President Trump's desk to prevent 'rogue regulators' from hindering the industry. This suggests a rare consensus between legislative advocates and the primary regulatory body. Despite the momentum, progress remains contingent on resolving specific disputes within the Senate Banking Committee. According to Coinbase chief legal officer Paul Grewal, the path toward a markup hearing hinges on resolving disagreements over stablecoin yield.