Cynthia Lummis said on Tuesday that the CLARITY Act would direct roughly $150 million toward combating crypto scams and fraud.
• Senator Kevin Cramer said he does not expect the bill to reach the Senate floor before the July 4 recess.
• Ethics rules and illicit-finance provisions remain among the key issues holding up broader support.
Senator Cynthia Lummis (R-WY) emphasized the anti-fraud provisions of the CLARITY Act as the crypto market structure bill faces delays in the Senate and mounting debate over ethics rules and digital asset regulation.
In a post on X on Monday, Lummis said the legislation would allocate roughly $150 million to help law enforcement agencies track down scammers and fraudsters operating in the digital asset space.
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The comments come as lawmakers continue to negotiate key provisions of the bill, which cleared the Senate Banking Committee in May but has yet to receive a floor vote.
Speaking on Fox (FOXA) Business' Mornings with Maria on Monday, Senator Kevin Cramer (R-N.D.) said he does not expect the CLARITY Act to reach the Senate floor before the July 4 recess, adding that passage before the August recess would still be "a heavy lift."
According to Cramer, lawmakers are working through several unresolved issues, including stablecoin-related provisions, ethics concerns, and rules governing illicit finance.
"We're very close," he said, noting that the legislation advanced out of committee with bipartisan support and that some Democrats could ultimately support the bill if those concerns are addressed.
The bill's delay comes amid growing scrutiny from Democrats over the involvement of government officials and their family members in crypto ventures.
Democratic Senator Elizabeth Warren asked for an ethics provision due to the Trump family's crypto wealth, but Senator Cramer pushed back on that argument, saying he rejects the notion that President Donald Trump should be "exempt from being successful."
The scrutiny comes as crypto ventures linked to the Trump family face growing legal and political attention. Justin Sun, founder of Tron (TRX), sued Trump-backed World Liberty Financial (WLFI) in April, alleging it froze tokens tied to his roughly $45 million investment, stripped him of voting rights, and threatened to burn the tokens unless he committed additional capital to the project's USD1 stablecoin.