Lummis Says CLARITY Act Applies Securities Fraud Liability to Digital Asset Disclosures

Lummis's reading matters because it reframes a core Democratic objection as already settled in the bill's text, potentially narrowing the gap that stalled the procedural motion. The claim's significance rests on whether it is accepted by the senators whose votes fell short, since the failure was procedural rather than substantive. The open question is whether that interpretation draws the bill closer to the 60-vote threshold, or whether the underlying dispute over antifraud coverage remains unresolved.