US Senator Cynthia Lummis stated that the CLARITY Act included a requirement for crypto projects raising more than $25 million from the public to provide audited financial statements. Lummis noted that Democrats had previously supported this audit mandate within the legislation but ultimately voted against advancing the bill. The Senate held a procedural vote on September 15 to advance the CLARITY Act, which failed to pass. The defeated measure would have established mandatory financial audits as a condition for significant public fundraising in the cryptocurrency sector.