Senator Lummis says China will 'write the rules' of the new financial era if CLARITY fails
60-second summary
The Senate Banking Committee has advanced the CLARITY Act, moving it one step closer to becoming law, but it still requires passage in both chambers of Congress before reaching the president's desk. Senator Lummis warns that if the bill fails, China will "write the rules" of the new financial era, potentially giving them significant regulatory influence.
The Senate Banking Committee voted to advance the CLARITY Act in May, but it must still pass both chambers of Congress before heading to the president's desk.