Senator Cynthia Lummis stated that a Senate floor vote on the CLARITY Act is more likely before the August recess than before the July 4 break. The comments came days after the Digital Asset Market Clarity Act was added to the Senate Legislative Calendar in late May, a procedural step that allows the full chamber to consider the bill. Lummis explained that several pieces of legislation must be combined before a final text reaches the floor, and reaching agreement on the combined text and securing the 60 votes required for cloture could take longer than initially anticipated.
Multiple Bills Still Need Merging
Lummis explained that several pieces of legislation must be combined before a final text reaches the floor. Lawmakers need to merge the Banking Committee's version, the Agriculture Committee's version, separate ethics provisions, and certain changes tied to the GENIUS Act stablecoin bill. Reaching agreement on the combined text and securing the 60 votes required for cloture could take longer than initially anticipated, she said. The bill was added to the Senate Legislative Calendar in late May. Senate leaders have not yet announced a date for formal debate or a floor vote. Lummis acknowledged that Congress has moved legislation quickly before but noted that completing this process before the July recess may prove difficult given the number of outstanding amendments.
Support Builds From Security Officials and Developers
Lummis told journalist Eleanor Terrett that there are several things to deal with, referring to the scale of remaining work. Outside Congress, support for the legislation has widened. The Blockchain Association disclosed that 160 former intelligence, defense, and law enforcement officials signed a letter urging Senate leaders John Thune and Chuck Schumer to advance the bill. A newly launched political action committee called Defend Developers has begun advocating for legal protections for U.S.-based crypto software engineers within the act's final text.
Dimon Criticism Draws Sharp Response
JPMorgan Chase CEO Jamie Dimon publicly attacked both the legislation and Coinbase CEO Brian Armstrong during a CNBC interview this week. Lummis responded on the same network, rejecting Dimon's claim that the bill lacks adequate anti-money laundering safeguards. Dimon had argued the bill could let crypto firms offer deposit-like products without bank-level protections. He also claimed it failed to address Bank Secrecy Act requirements. Lummis rejected that reading and said AML and BSA obligations already apply to digital assets and are explicitly included in the legislation. Developer protections have also become a significant point of negotiation between Republicans and Democrats as the final text takes shape.
FAQ
What did Senator Lummis say about the CLARITY Act vote timing?
Senator Cynthia Lummis stated that a Senate floor vote on the CLARITY Act is more likely before the August recess than before the July 4 break. She explained that several pieces of legislation must be combined before a final text reaches the floor, and securing the 60 votes required for cloture could take longer than initially anticipated.
Who signed a letter supporting the CLARITY Act?
The Blockchain Association disclosed that 160 former intelligence, defense, and law enforcement officials signed a letter urging Senate leaders John Thune and Chuck Schumer to advance the bill. A newly launched political action committee called Defend Developers has also begun advocating for legal protections for U.S.-based crypto software engineers within the act's final text.
How did Senator Lummis respond to Jamie Dimon's criticism?
Lummis responded on CNBC, rejecting Dimon's claim that the bill lacks adequate anti-money laundering safeguards. She said AML and BSA obligations already apply to digital assets and are explicitly included in the legislation.
