Senator Cynthia Lummis accused Democrats of holding the Digital Asset Market Clarity Act hostage ahead of a Senate cloture vote scheduled for Tuesday afternoon.

The Wyoming Republican, who chairs the Senate Banking Committee's digital assets subcommittee, criticized her colleagues across the aisle for blocking the legislation despite more than a year of negotiations and 126 substantive changes incorporated at Democrats' request. Republicans released the final draft of the bill on Monday.

"President Trump has now agreed to two historic ethics provisions, provisions these very members demanded. There's nothing left to give," Lummis said, according to reports on her remarks. The updated text includes ethics language reflecting much of the Tillis-Gallego proposal and grants state attorneys general a role in enforcement.

The bill would establish a regulatory framework for digital assets, clarifying oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. It passed the Banking Committee in May on a 15-9 bipartisan vote.

The cloture motion on the motion to proceed requires 60 votes to advance. If successful, the new text would serve as an amendment in the nature of a substitute. Failure of the vote could sideline the measure for the remainder of the Congress.

Lummis and fellow Republican sponsors John Boozman and Tim Scott highlighted additional provisions, including Treasury authority to address stablecoin-related deposit risks and protections for software developers. They noted the ethics restrictions apply broadly to federal officials, judges, and their spouses.

Democrats have expressed ongoing concerns about the ethics provisions and other elements. The prolonged negotiations reflect efforts to address issues raised by both parties over multiple drafts.

The legislation aims to reduce regulatory uncertainty for the crypto industry while incorporating consumer protections and anti-evasion measures. Supporters argue it would help maintain U.S. leadership in digital assets amid global competition.