Even though Republican Senator Josh Hawley has declared he will vote against the CLARITY Act due to concerns expressed by community banks, Senator Cynthia Lummis says negotiations are still ongoing every day. While Coinbase CEO Brian Armstrong has questioned Hawley’s reasoning and asked legislators to depend on data rather than lobbying claims, Senate leaders are still hoping to get the historic crypto market structure legislation to the floor before the August vacation.
One of the most carefully observed cryptocurrency laws in the US is still the CLARITY Act. After nearly 11 months of negotiations, Senator Cynthia Lummis stated in an interview with Fox Business that talks with Democratic members are moving along every day.
I am continuing to work with Democrats every day on the Clarity Act. I worked late last night on the CFTC portion of the bill and I’m proud that @POTUS has gone further than any president in history to protect ethics.
Let’s provide a clear regulatory framework and keep this… pic.twitter.com/2EGffUEt9F
— Senator Cynthia Lummis (@SenLummis) August 5, 2026
Lummis also gave an update on X, saying that she spent the entire night working on the Commodity Futures Trading Commission (CFTC) portion of the legislation. She claims that the remaining conversations centre on the role of the CFTC, laws pertaining to law enforcement, and ethical guidelines. She said that the measure would increase law enforcement powers, protect consumers, establish a clear regulatory framework, and assist retain the digital asset business in the United States, and she asked both parties to support it.
Quick action is also being pushed by other Republican legislators. Instead of continuing the talks, Senator Bill Hagerty demanded that the bill be presented to a Senate vote. Anthony Scaramucci, who referred to the measure as one of the most important financial sector bills in recent years, also suggested that procedural action would occur shortly.
Meanwhile, new opposition to the package has come from Republicans. Senator Josh Hawley declared his intention to vote against the bill, citing concerns from Missouri’s community banks and agricultural organizations that stablecoin yield programs would entice clients to transfer their accounts from conventional banks and credit unions.
He is now the first Republican senator to openly criticize the CLARITY Act as it is. Hawley has also opposed earlier cryptocurrency laws, such as the GENIUS Act, but Senator Lummis stated that talks with his office are ongoing to try to allay those worries.
Hawley’s claim was vehemently denied by Coinbase CEO Brian Armstrong. He questioned if financial lobby organizations were influencing the criticism and stated that MPs should evaluate the idea on the basis of the data. According to Armstrong, the issues seem to be more directly related to preserving bank profits than community banks.
The banking industry has many of these clowns in their pockets. Hey @HawleyMO, since when is capitalism about protecting incumbents from disruption? Here’s an idea: either an industry adapts with the innovation or it dies. I didn’t realize it was your job, as a U.S. Senator, to… https://t.co/SDCBBQIsAN
— John E Deaton (@JohnEDeaton1) August 5, 2026
Hawley’s stance was also criticized by cryptocurrency attorney and Senate candidate John Deaton, while several members of the cryptocurrency community expressed dissatisfaction on social media and asked supporters to get in touch with the senator’s office.
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