The CLARITY Act has been incorporated into the Democrats’ proposed cap on crypto fundraising—but it was still voted down.

Senator Cynthia Lummis—the sponsor of the U.S. Bitcoin Strategic Reserve Act—stated on October 25 that the Crypto Market Structure Act (also known as the CLARITY Act) has adopted Democratic amendments: lowering the annual fundraising cap for cryptocurrency-related regulatory activities from $75 million to $50 million, and adding a lifetime cap of $200 million. However, Lummis immediately emphasized that although Democrats successfully secured inclusion of these provisions in the bill, they ultimately voted *against* this investor-protection regulatory framework aimed at safeguarding retail investors.