CLARITY Act Set For Senate Floor Vote With July 4 Final Text Release, Says Lummis
Senator Cynthia Lummis has indicated that the final version of the CLARITY Act, a bill aimed at providing a market structure for digital assets in the U.S., will be released around the July 4 holiday period. Speaking on Fox Business with Maria Bartiromo, Lummis stated that negotiations have been intensive, running since last Labor Day, and lawmakers have dedicated thousands of hours to addressing cross-curriculum issues and concerns from the banking industry. The final text will be published for public comment before a Senate floor vote is expected in July. Lummis also confirmed that Senate leadership, including Senator Thune, is working to secure floor time for the bill next month. Additionally, Lummis responded to criticisms from JPMorgan CEO Jamie Dimon, who argued that the bill would allow crypto providers to offer rewards similar to interest-bearing products without the regulatory protections of banks. Lummis refuted this, stating that Section 301 of the bill closes any perceived loophole and includes additional anti-money laundering measures. She clarified that the CLARITY Act would define crypto firms’ reward programs as not constituting banking services, ensuring consumer compliance and addressing banking industry concerns by decoupling rewards from balances.