Senator Cynthia Lummis warns the US risks ceding crypto leadership to China if the CLARITY Act fails to pass Congress.

• The Digital Asset Market Clarity Act (CLARITY) aims to establish a comprehensive regulatory framework for digital assets

• The bill recently advanced out of the Senate Banking Committee but still faces hurdles in Congress

• Lummis stated that failure to pass the bill could allow Beijing to set global crypto rules for the next financial era

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