Senator Lummis Pushes CLARITY Act to Expand Wyoming Crypto Model Nationwide

Senator Cynthia Lummis is championing the CLARITY Act, which would apply Wyoming’s digital‑asset regulatory framework at the federal level. The bill faces a procedural cloture vote on September 15, needing 60 Senate votes to move forward.

Wyoming as a Blueprint

Wyoming has enacted more than two dozen blockchain and digital‑asset laws since 2018, creating legal definitions for digital property and authorizing special‑purpose depository institutions (SPDIs) to hold crypto assets under state supervision. Lummis argues that this model shows how lawmakers can regulate the industry while allowing companies to operate and raise capital in the United States.

Key Provisions of the CLARITY Act

• Regulatory split: The bill would assign authority over digital assets to the SEC or the CFTC based on asset classification.
• Non‑custodial developer protection: Software developers and wallet providers that do not control customer funds would be exempt from registration requirements applied to exchanges and brokers.
• Bankruptcy treatment: Customer‑held crypto would be treated as separate property in a Chapter 7 bankruptcy, protecting it from the debtor’s general creditors.
• Disclosure and registration: Issuers and market participants would face disclosure obligations and a federal registration system, with the SEC and CFTC tasked with rulemaking after enactment.

Legislative Timeline

The House passed the CLARITY Act in July 2025 (294‑134). The Senate Banking Committee approved its portion in May 2026 (15‑9). Senate Majority Leader John Thune filed a cloture motion for September 15; if successful, the Senate can debate, amend, and vote on the bill. Final passage would still require identical language in the House and presidential signature.

Implications for the Crypto Industry

If enacted, the act would provide a uniform national framework for digital‑asset trading, fundraising, and custody, potentially reducing regulatory uncertainty that has driven some activity abroad. It would also create distinct regulatory pathways for digital commodities versus securities, influencing how token issuers raise capital and how exchanges operate.