Lummis argues Clarity Act would classify Binance as a covered person

The Wyoming senator says the stalled market structure bill would have handed regulators sharper tools against illicit finance, including at Binance Senator Cynthia Lummis wants critics to know what they voted down. On October 30, 2026, the Wyoming Republican said the Digital Asset Market Clarity Act would classify Binance as a “covered person” because the exchange provides digital asset services. The timing is awkward. The bill failed to advance in the Senate after a close procedural vote on September 15, 2026. So Lummis is now making the case for legislation that is, for the moment, parked on the shoulder. What Lummis is arguing Lummis made the claim on social media, responding to criticism from Amanda Fischer of Better Markets. Better Markets is a financial reform advocacy group, and its critique targeted the bill’s approach to policing the crypto industry. Lummis’s core point is simple. Under the Clarity Act, any firm offering digital asset services would fall into the “covered person” category, and Binance fits that description. Why does that label matter? Lummis argues it would give regulators improved tools and faster procedures to go after illicit activity in digital assets....