Senator Cynthia Lummis said Democrats requested modifications to the CLARITY Act's Regulation Crypto fundraising limits before a September 15 Senate vote that failed to advance the bill.
According to Lummis, Democrats sought a $50 million annual cap, reduced from $75 million, and requested a $200 million lifetime limit. Lummis said both changes were incorporated into the bill. An itemized document from her office lists both caps among provisions attributed to Democratic requests.
What the CLARITY Act Proposes
The CLARITY Act establishes Regulation Crypto as a fundraising framework for certain ancillary asset originators. The fundraising caps limit proceeds raised specifically through that provision, not all money a crypto business can raise. The annual ceiling applies to yearly fundraising, while the lifetime cap limits total amounts raised under the framework.
Lummis's office also documented other provisions requested by Democrats, including financial disclosure requirements. Originators must provide audited financial statements once gross proceeds exceed $25 million and reviewed statements below that threshold. Additional provisions preserve state consumer protection laws and the SEC's authority over fraud and market manipulation.
The Failed Senate Vote
The Senate's September 15 procedural vote on H.R. 3633 failed 49-50. The measure required 60 votes to advance under the cloture motion. All 49 yes votes came from Republicans, while the 50 no votes included four Republicans and two independents. One senator did not vote.
The roll call reflects a vote on advancing the full bill, not a separate vote on either cap. Senators voted on the motion to proceed to H.R. 3633, a House measure covering digital commodity regulation by the Securities and Exchange Commission and Commodity Futures Trading Commission. The procedural failure stopped consideration before final passage.
