'Bitcoin Senator' Lummis Says 'Democrats Hate Trump More Than They Like Good Policy'

Sen. Cynthia Lummis (R-Wyo.) on Tuesday cited partisan divisions over President Donald Trump as reason why the CLARITY Act failed its procedural vote, arguing that more than a year of bipartisan negotiations ultimately gave way to politics.

"Democrats hate President Trump more than they like good policy," Lummis said during a CoinDesk industry event.

Lummis: Only Senators Are to Blame

Lummis entered the Senate floor vote believing the bipartisan negotiations, with 126 substantive changes incorporated requested by Democrats, had put the bill in a strong position.

Instead, the motion to proceed failed to secure the votes needed to advance as every Senate Democrat opposed the motion.

"I was dismayed, dumbfounded and saddened that we couldn’t move past cloture into voting on the bill," Lummis expressed.

She rejected arguments that the crypto industry or Coinbase CEO Brian Armstrong should shoulder responsibility for the outcome, saying ultimately only senators could determine whether the legislation advanced.

Lummis attributed the breakdown partly to Democratic opposition surrounding Trump and his crypto activities.

Lawmakers allowed their views of the President to outweigh what she viewed as the merits of the legislation.

Democrats and some Republicans had raised concerns ahead of the vote and the final proposal incorporated much of a separate ethics framework and gave state attorneys general an enforcement role.

Why the Focus Should Be on the SEC, CFTC

With the CLARITY Act stalled, Lummis urged the industry to focus on regulators rather than wait for Congress.

"I strongly encourage you to work with the SEC and the CFTC," Lummis advised, as both agencies are preparing regulatory frameworks within the authority granted by existing law.

She acknowledged that agency rulemaking cannot provide the same durability as legislation, but regulators could still establish clearer rules for crypto businesses operating in the U.S.

Lummis, who is preparing to leave the Senate, hopes the CLARITY Act could eventually return even if its immediate path has closed.

"Hopefully someday the CLARITY Act will get dusted off," she concluded.

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