Sen. Cynthia Lummis said Democrats requested lower fundraising limits for Regulation Crypto and then opposed advancing the CLARITY Act after those changes were included in the bill.

In an October 25 post on X, Lummis said Democrats sought to reduce the annual cap from $75 million to $50 million and add a $200 million lifetime limit. She said both changes were incorporated into the CLARITY Act before accusing Democrats of voting against rules they had written to protect retail investors.

Democrats asked to cut the annual Regulation Crypto fundraising cap from $75 million to $50 million and add a $200 million lifetime limit. We agreed to both and included them in the Clarity Act. Democrats voted against the rules they wrote to protect retail investors.

— Senator Cynthia Lummis (@SenLummis), October 25, 2026

https://x.com/SenLummis/status/2114365112257564951?ref_src=twsrc%5Etfw

The Senate’s September 15 vote was a procedural cloture vote on a motion to proceed to H.R. 3633, rather than a separate vote on either Regulation Crypto cap. The motion failed 49-50, with 49 senators voting yes, 50 voting no and one senator not voting. The Senate required60 votes to advance the motion. A motion to proceed is the step that opens floor consideration of a bill, so the failed vote left H.R. 3633 short of floor debate rather than eliminating the measure.

The official roll call recorded all 49 yes votes from Republicans. The no votes included four Republicans and two independents. Democrat Chris Coons did not vote. Lummis voted to advance the bill.

The vote concerned consideration of the full CLARITY Act, not the fundraising limits individually. It did not remove the caps from the draft, and the Senate did not hold a separate vote on either limit. The roll call therefore records procedural opposition to advancing the measure, not the position of each senator on the caps. The record does not establish why individual senators opposed the motion or whether they supported the fundraising provisions.

CLARITY Act Sets Limits for Regulation Crypto Fundraising

Under the CLARITY Act, Regulation Crypto provides a fundraising route for certain ancillary asset originators. The limits apply to proceeds raised through that framework, rather than to every type of capital a crypto business may raise. The annual ceiling applies to fundraising during a year, while the lifetime limit applies to the total amount raised under the provision. Those ceilings set the outer scale of what originators can raise through this route, which is why the figures became a point of negotiation as the bill took shape.

An itemized CLARITY Act document from Lummis’s office lists the $50 million annual cap and the $200 million lifetime ceiling among provisions the office attributes to Democratic requests. It says ancillary asset originators may raise those amounts in reliance on Regulation Crypto. The document does not describe the changes as separate bills or stand-alone rules.

The document is available from Lummis’s office at

Lummis’s September 10 CLARITY Act release said the updated draft reflected more than 114 provisions requested by Democratic colleagues. That release described the broader negotiations without listing every requested change. A separate office document identifies the fundraising limits as part of the Democratic-requested revisions. Together, the two records support Lummis’s account that the caps were included in the negotiated text.

Her October 25 post linked the changes to a broader claim about protections for retail investors. It did not specify whether the fundraising caps themselves were the rules she meant in that criticism. The post also did not name individual lawmakers or explain how they voted on particular provisions. Instead, it focused on what negotiators requested and what the bill included.

The office document lists other provisions related to disclosures and consumer protections. It says originators must provide audited financial statements once gross proceeds exceed $25 million and reviewed statements below that threshold. The reporting requirements appear alongside the fundraising caps in the office’s list of changes.

The list also includes disclosures before resales, preserves state consumer protection laws and retains the Securities and Exchange Commission’s authority over fraud and market manipulation. Those provisions provide additional context for Lummis’s reference to retail protections, separately from the fundraising limits.

Senate Vote Did Not Send Bill to Final Passage

The House measure covers digital commodity regulation by the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Senate’s September 15 procedural vote did not advance the bill to final passage. The official Senate result remains a failed motion to proceed, with a 49-50 vote. Any renewed effort to advance the measure would require a new motion to proceed and the same 60 votes.

Lummis’s post did not announce a new bill revision on October 25. It stated that the requested $50 million annual cap and $200 million lifetime limit had already been included in the CLARITY Act before the failed procedural vote.