Sen. Cynthia Lummis (R-Wyo.) said on Sunday that Democrats opposed the CLARITY Act despite securing provisions addressing memecoins and other network tokens.
Lummis Targets Democrats
Lummis said that Democrats were “worried” about memecoins and requested “explicit” coverage to prevent them from falling through “regulatory gaps.”
“We incorporated that into the Clarity Act. Democrats voted no,” the senior Republican added.
‘Fundamental Conflict of Interest’
Lummis has cited partisan divisions over President Donald Trump as the reason why the CLARITY Act failed its procedural vote last month.
She stated that as many as 126 substantive changes requested by Democrats had been incorporated, placing the bill in a strong position. Democrats still rejected it.
Democrats, led by Sen. Elizabeth Warren (D-Mass.), argued that the bill’s current version primarily benefited Trump and would have turbocharged his “unprecedented corruption.”
Sen. Mark Warner (D-Va.) said he could not support the bill because it failed to address the "fundamental conflict of interest" created by Trump’s ventures, including the Official Trump (CRYPTO: TRUMP) memecoin.
Trump’s 2025 financial disclosure showed his companies generated more than $1.4 billion from crypto ventures, including more than $520 million from World Liberty Financial token sales and over $635 million from memecoin royalties.
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