Clarity Act could classify Binance as “covered person,” says Lummis

Senator Cynthia Lummis has stated that the Clarity Act would classify Binance as a “covered person” due to its role as a digital asset service provider. This assertion highlights the potential implications of the Clarity Act on major cryptocurrency intermediaries such as Binance. Lummis’s remarks come as the Clarity Act remains a key focus in the U.S. Senate, having passed the House but stalled in the Senate following a narrow failure in a September cloture vote.