Wyoming Senator Cynthia Lummis says the Digital Asset Market Clarity Act would have classified Binance as a “covered person” because the platform provides digital asset services. Under the Republican lawmaker’s argument, the designation would give regulators stronger tools and faster procedures to pursue illicit activity in digital assets. Lummis added that the final text incorporated more than 126 changes requested by Democratic lawmakers, particularly on ethics and national security. Approved by the House 294-134 in July 2025 and cleared by the Senate Banking Committee 15-9, H.R. 3633 failed to advance in a Senate procedural vote on September 15, 2026. The bill’s main objective was to clarify the respective jurisdictions of the SEC and the CFTC over digital assets.
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