Senator Cynthia Lummis urged the Senate to advance the CLARITY Act, legislation that would establish clearer regulations for digital asset markets in the United States. Passed by the House and approved by the Senate Banking Committee, the bill now awaits a full Senate vote before the August recess. The measure would assign the Securities and Exchange Commission primary authority over investment‑contract tokens and give the Commodity Futures Trading Commission broader oversight of digital commodity markets and exchanges. The legislation defines when a token is treated as a security and when it is treated as a commodity. It also requires exchanges to separate customer assets from company funds and extends Bank Secrecy Act obligations to certain digital asset firms. The bill authorizes $150 million for crypto fraud investigations. Proponents say the framework would replace enforcement‑driven policy with a written rulebook, while opponents question whether it provides sufficient consumer protection and adequately addresses decentralized finance. Lawmakers have a narrow window to act before the August recess, after which the bill could be delayed until 2027. Lummis opened a final review period for the updated text, giving industry groups and lawmakers another opportunity to comment before a potential floor vote. At this stage, the bill remains pending Senate approval.