Senator Lummis Notes Clarity Act Included Anti-Fraud Standards

U.S. Senator Cynthia Lummis stated that the Clarity Act would have applied the same anti-fraud liability standards found in Section 17(a) of the Securities Act to digital asset disclosures. Despite efforts to align crypto issuers with traditional reporting entities, a procedural vote to advance the bill failed in the Senate on September 15, falling short of the 60-vote threshold.