Senator Lummis: "The CLARITY Act supports both law enforcement and consumers, and I will work with other senators to advance the legislation through bipartisan cooperation."

BlockBeats News, May 14th, Senator Cynthia Lummis, the proposer of the "Bitcoin Strategic Reserve Act," stated at the Banking Committee hearing on the "CLARITY Act" that the bill significantly strengthens the Treasury Department's anti-money laundering authority, allowing for rapid action against foreign money laundering activities. It calls for research on coin mixers, annual reporting on foreign jurisdictions complying with U.S. anti-money laundering standards, and the status of offshore stablecoin dynamics. The bill also establishes a federal regulatory baseline for cryptocurrency ATMs, mandates digital asset risk education materials, internal trading restrictions to prevent "pump and dump" schemes, and specifies timely disclosure and broker-dealer bankruptcy disclosure rules. Tokenized securities remain under the SEC's jurisdiction, and the CFTC has enforcement authority over unfair or deceptive practices. In addition, the bill applies the Bank Secrecy Act to digital asset brokers, dealers, and trading platforms, and implements temporary freezes on suspicious activities.

This is a bill that supports law enforcement while also supporting consumers. Consumers can transfer funds to each other faster and cheaper, enjoying a level playing field whether you live in Rwanda or Queens, New York. More importantly, Bitcoin can be "memorized" — meaning a woman trying to escape an abusive marriage can leave with her money; a person tortured abroad can memorize their assets and escape the country. This innovation provides assurance of personal freedom and personal savings: faster, cheaper, and safer.

At the end of her remarks, Cynthia Lummis thanked everyone present for their efforts and made a firm commitment: she will work with all parties to address the remaining minor issues before the bill is voted on in Congress. She stated that mutual trust is key to advancing this process because when everyone works together, they can create an outcome that they are proud of and that makes the American people proud.

According to PolyBeats monitoring, in the prediction market Polymarket, the probability of the "CLARITY Act" being signed into law in 2026 is 66%.