[Cynthia Lummis: The U.S. May Fall Behind Without Passing the CLARITY Act] According to Cointelegraph, U.S. Senator Cynthia Lummis stated that if the CLARITY Act is not passed, the United States might fall behind countries like China in leading crypto regulation. She believes that a comprehensive crypto regulatory framework can help prevent other nations from dominating financial rules. The bill was advanced by the Senate Banking Committee in May but still requires approval from both chambers of Congress and the President's signature to take effect.