The bill itself was a bipartisan product which grew from some 300 pages to over 600, she said, after Democrats asked for provisions addressing issues like bankruptcy protections, among other items.
“Every single Democrat voted no, every single one. I see some of the spin post-vote blaming it on Brian Armstrong … or blaming it on the industry for being too aggressive or anybody else they can blame, President [Donald] Trump because he made a bunch of money on a memecoin before he was president,” she said.
Trump revealed in a mid-year financial disclosure in 2026 that he made $1.4 billion off of his various crypto ventures in 2025, the first year of his presidency.
Lummis did say Tuesday that she credited Democrat Senators Angela Alsobrooks and Kirsten Gillibrand — the latter of whom has been her longtime partner in sponsoring crypto legislation — for being “honest brokers” in the negotiations over the bill.
House view
Earlier in the day, House Financial Services Committee Chairman French Hill and Congressman Ritchie Torres both spoke to the failure of the Clarity Act vote in another session.
Both lawmakers argued that the Clarity Act, or some future version of it, was still needed.
“The Clarity Act, in my judgment, gave legal statutory certainty to both [the Howey test and fundraising questions and to how code writers should be treated], and that’s why I think we should still be arguing here, not be moping around about the failure of a cloture vote in the Senate, but instead mapping out how we are going to get this passed on a bipartisan basis, because we don’t get certainty without it,” Hill said.
