The Bull Moose Project, a conservative advocacy organization focused on technology and innovation policy, said Sen. Cynthia Lummis (R-Wyo.) mishandled digital asset legislation in the Senate, which then delayed passage of a House-approved crypto market structure bill that had bipartisan support and backing from the White House.
“She fumbled the opportunity to get President Trump’s bipartisan signature crypto legislation—the Digital Asset Market Clarity Act of 2025 (CLARITY, H.R. 3633)—passed through the Senate,” the organization said in a press release. “It was an easy play: the bill already passed the House and had loads of bipartisan cosponsors.”
“But instead, she bafflingly focused her energies on the Responsible Financial Innovation Act of 2025 (RFIA), which has stalled entirely,” the release said. “As a result, she stalled the CLARITY Act too.”
The Bull Moose Project advocates for what it describes as free-market, pro-innovation public policy and has been active in federal debates over digital asset regulation. The group has said that Congress should establish statutory rules for crypto markets rather than rely on regulatory enforcement actions.
In its statement, the organization said the CLARITY Act was designed to define digital commodities, assign regulatory jurisdiction, and provide legal certainty for companies operating in the digital asset space. The group said the House-passed bill had bipartisan support and was positioned for Senate passage before momentum stalled.
“The White House was clear that it wanted digital asset market legislation passed and on the President’s desk before Thanksgiving,” Aiden Buzzetti, founder of the Bull Moose Project, said in the press release. "The House did its job and the Senate was ready to pass it until Senator Lummis called an audible and fumbled the ball."
Buzzetti’s organization also released an AI animated video that uses a football analogy to criticize Lummis’s handling of the legislation.
In the video, a narrator says, “President Trump called the play. The industry set the formation. The House put it in motion. But Senator Cynthia Lummis fumbled the ball,” adding that shifting away from the House-backed bill “surprise[d] policymakers and spook[ed] crypto investors,” resulting in “a lost opportunity right at the goal line.”
In a Dec. 6 op-ed in The Daily Caller, Buzzetti wrote the CLARITY Act was “an easy win,” but that Lummis “decided to cater to anti-crypto Democrats and Bitcoin maximalists who liked her old bill better.”
Cryptocurrency analyst Paul Barron, founder and host of the Paul Barron Network, said a Senate crypto market structure bill supported by Lummis could expand federal compliance requirements to noncustodial software developers and decentralized platforms.
“This isn’t regulatory clarity. It’s a surveillance expansion,” Barron wrote in a post on X. “It treats software developers like financial institutions while giving banks control of the market. It forces open-source contributors into bank-style compliance, kills DeFi, and hands the future of finance to the big bank cartel.”
Barron regularly covers digital asset markets, blockchain technology, and public policy affecting cryptocurrencies, and has analyzed how proposed legislation could affect decentralized finance and open-source development.
Lummis has represented Wyoming in the U.S. Senate since 2021 and has served as chair of the Senate Banking Committee’s Subcommittee on Digital Assets since 2023. The Senate market structure bill remains under discussion, and lawmakers have not released final legislative text.
