Senator Lummis calls the crypto market bill the biggest in U.S. history.

Senator Cynthia Lummis stated that the Clarity Act is the largest cryptocurrency legislation in U.S. history, aimed at establishing a clear legal framework after years of uncertainty. She is lobbying both parties to support the bill, hoping that the Banking Committee will vote it through before the end of the year for the Senate to debate it early next year.

The Clarity Act will guide cryptocurrency companies on responsibilities, protecting investors and consumers, with the SEC and CFTC serving as regulators. The bill also allows banks to provide digital asset custody services, easing tensions with the cryptocurrency sector.

Lummis emphasized the importance of digital assets in the financial system and stated that Strategic Bitcoin Reserve Fund is the only solution to help the U.S. reduce its public debt of 38 trillion USD, and it could even be halved in 20 years if Bitcoin is held long-term.