Cynthia Lummis points to Wyoming's rules as the model for the CLARITY Act

Wyoming as the Blueprint

@SenLummis, one of the CLARITY Act's co-drafters, made the case on Thursday that her home state built a working digital asset regulatory framework long before Washington began engaging with the sector. "Wyoming built a legal framework for digital asset companies years before Washington even started paying attention to digital assets, and we've proven it works," Lummis said. She added that the bill takes the same approach of creating "clear rules that keep builders here" and applies it nationally.

Starting in 2018, Wyoming passed more than two dozen blockchain-related laws, creating special-purpose depository institutions for digital assets, exempting certain tokens from securities regulations, and establishing clear definitions that the rest of the country lacked. The CLARITY Act is designed to clarify the regulatory framework for the U.S. digital asset market and separate oversight authority between the SEC and the CFTC.

A Narrow Window in the Senate

Senate Majority Leader John Thune has scheduled a key procedural vote for September 15, after the Senate returns from its recess, potentially paving the way for a full floor vote. That vote requires 60 senators to clear the cloture threshold and open debate on the bill. Democrats want the bill to include robust ethics, conflict-of-interest, and illicit-finance safeguards, while Republicans want the clarity and certainty for markets and innovation that would come with a bipartisan coalition. Negotiations on both fronts are continuing.

With the full House and about one-third of Senate seats on the ballot in November, election-season pressures are expected to consume lawmakers' attention and squeeze the floor time needed to iron out the bill's unresolved sticking points. Though the CLARITY Act's chances are hanging by a thread, it would likely have been declared dead for 2026 without at least this first important movement.

Sources:
CNBC: Crypto enters September with legislative policy gamble hanging by a thread
CoinDesk: U.S. Senate opens first stage of CLARITY Act voting
Crypto.news: CLARITY Act could take Wyoming crypto rules nationwide