[U.S. Senator Lummis: The CLARITY Act Previously Applied the Same Anti-Fraud Liability Standards as Other Securities Filing Entities] According to U.S. Senator Cynthia Lummis, the CLARITY Act has applied the anti-fraud liability provisions of Section 17(a) of the Securities Act to digital asset disclosures. She stated that previously, Democrats had requested that crypto asset issuers be subject to the same anti-fraud liability standards as other securities filing entities. However, the procedural vote in the Senate to advance the bill on September 15 failed to pass. Senate records show that the motion did not reach the 60-vote threshold.