- Lummis says the CLARITY Act will expand Wyoming’s regulatory approach to digital assets across the United States
- The law sets out the oversight roles for both the SEC and the CFTC across digital asset markets
- The Senate sets a cloture vote for September 15 as the bill advances
### Lummis supports applying Wyoming rules for digital currencies at the national level
Republican Sen. Cynthia Lummis of Wyoming said her state put in place a legal framework for digital-asset companies years before federal lawmakers began paying attention to the issue, and that the CLARITY Act will take a similar approach nationwide.
Lummis said: “Wyoming built a legal framework for digital-asset companies years before Washington started paying attention to digital assets—we’ve proven this approach works.” She added that the law adopts the same approach of establishing “clear rules that keep developers here” and applies it nationwide.
Wyoming passed more than twenty blockchain-related laws since 2018. It also established special-purpose depository institutions for digital assets and set legal definitions covering several types of blockchain-based property.
### The law defines the roles of the SEC and CFTC
The CLARITY Act aims to set federal rules for the U.S. digital asset market and to define regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The framework divides some digital assets into categories that determine which agency has authority over them.
The law also sets disclosure requirements for certain digital assets and includes protections for non-custodial software developers—meaning developers who provide software without controlling clients’ funds will not automatically be subject to the same requirements applied to centralized financial intermediaries.
Another provision addresses client assets during bankruptcy proceedings, as the law classifies digital assets held by clients as client property in Chapter 7 bankruptcy cases, separating them from the assets of the bankrupt company.
### Approaching a vote in the U.S. Senate on September 15
The House passed the CLARITY Act in July 2025 by a vote of 294 to 134. Attention has now shifted to the Senate, where lawmakers set a vote to close debate on September 15 ahead of a possible final vote.
The chairman of the Securities and Exchange Commission, Paul Atkins, said he expects the Senate to move forward with the legislation and hopes it will eventually reach President Donald Trump for his signature.
But Congress’s timetable could affect timing, as House leadership canceled sessions during the second half of September before the midterm election recess. Any Senate changes that require additional action from the House could therefore extend the legislative process beyond September.
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