Cynthia Lummis expects the final CLARITY Act draft to be published during the July 4 holiday period. Lawmakers are targeting a Senate floor vote in July after months of negotiations on crypto
The next phase of U.S. crypto legislation is approaching. Senator Cynthia Lummis said the final text of the CLARITY Act will be released around the July 4 holiday period, with lawmakers targeting a Senate floor vote in July after months of negotiations over digital asset market structure rules.
Speaking with Fox Business host Maria Bartiromo, Cynthia Lummis said lawmakers have spent months negotiating the bill. She noted discussions began shortly after last Labor Day and involved extensive work on several policy issues.
According to Lummis, lawmakers dedicated thousands of hours to addressing concerns raised during negotiations. Those discussions included matters connected to the GENIUS Act and objections from banking industry representatives.
As negotiations enter their final stage, Lummis said senators plan to publish the completed text over the July 4 period. The release will allow stakeholders to conduct a final review before the legislation advances.
From there, attention shifts to the Senate calendar. Lummis said she is working with Senator John Thune to secure floor time during July.
While lawmakers prepare the final draft, criticism from parts of the banking sector continues. During the interview, Bartiromo referenced comments from JPMorgan CEO Jamie Dimon regarding the bill.
Dimon argued that crypto companies could offer rewards resembling interest-bearing products without operating under banking rules. He also raised concerns about anti-money laundering protections and consumer safeguards.
However, Lummis rejected those claims. She said the legislation already addresses the issues raised by Dimon and other banking groups.
Responding directly to the criticism, Lummis said Dimon should review the updated legislation when it becomes public. She specifically pointed to Section 301, which she said addresses what he viewed as a loophole.
In addition, Lummis stated the bill contains multiple anti-money laundering provisions. She said lawmakers included roughly 16 measures aimed at combating illicit finance within digital asset markets.
The senator also explained that negotiators revised language concerning rewards programs. According to Lummis, the updated text allows rewards that are not tied to account balances, addressing concerns that such programs could resemble bank interest products.
With publication expected over the July 4 weekend, lawmakers are preparing for the next stage of debate before a planned Senate vote later in July.
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