Senator Cynthia Lummis said Congress may not get another real chance to pass digital asset legislation until 2030 if the CLARITY Act fails.
Summary
- The CLARITY Act would create federal rules for crypto assets, exchanges, developers, stablecoin issuers, and market regulators.
- JPMorgan CEO Jamie Dimon criticized the bill, saying banks may oppose it unless lawmakers strengthen stablecoin, AML, and BSA rules.
- Senator Cynthia Lummis has warned that U.S. lawmakers may lose their best chance to pass digital asset market rules until 2030 if the CLARITY Act stalls this session.
Lummis, in a post on X, said Congress faces a narrow window to move the Digital Asset Market Clarity Act before election politics and legislative delays push crypto policy further down the agenda. The Wyoming Republican argued that the bill would give crypto developers legal protection while helping law enforcement pursue illicit activity in digital asset markets.
Senate pressure builds over CLARITY Act
Her warning places new pressure on the Senate, where the bill remains short of final passage despite support from both parties. Lummis said developers need clear rules instead of legal uncertainty, while enforcement agencies need a defined framework for digital asset crime.
The CLARITY Act would create a federal structure for crypto oversight in the United States. The bill sets out how digital assets are classified, which regulators supervise them, and what obligations apply to exchanges, developers, and other market participants.
Supporters of the bill, including several crypto firms, say federal rules would help keep digital asset activity in the United States. They argue that companies now face unclear standards and case-by-case enforcement actions.
Senate remains the main hurdle
The House of Representatives has already passed the legislation with bipartisan support. In the Senate, however, lawmakers have debated revisions, stablecoin provisions, banking concerns, and agency authority.
The Senate Banking Committee recently advanced an amended version of the bill in a 15–9 bipartisan vote. The measure still needs enough support to clear the Senate floor, where most major legislation requires 60 votes.
Any Senate changes must also be reconciled with the House version before the bill can reach the White House. Lummis said the timeline matters because the 2026 midterm elections could slow the process and reduce the chance of a final vote.
Banking industry pushes back
JPMorgan Chase CEO Jamie Dimon criticized the current bill during a Fox Business interview. Dimon said banks would oppose the legislation unless lawmakers revise key sections.
According to Dimon, the proposal could allow crypto firms to offer rewards on stablecoin holdings, similar to interest on bank deposits. He said such products should come with stronger legal protections, anti-money laundering controls, and Bank Secrecy Act requirements.
Banks have warned lawmakers that stablecoin rewards could pull deposits away from traditional lenders. Crypto firms, including Coinbase, have told lawmakers that customers should be allowed to receive benefits from regulated digital asset products.
White House support adds pressure
President Donald Trump’s administration has backed the CLARITY Act, according to prior statements from the White House. Treasury Secretary Scott Bessent has also supported digital asset legislation, while SEC Chair Paul Atkins has said Congress can still send a crypto bill to the president.
Federal agencies have continued changing crypto policy through guidance, approvals, and no-action letters. Lummis has argued that agency action alone cannot give markets lasting certainty because future administrations can change those decisions.
Her 2030 warning now frames the CLARITY Act as a test for Congress. If the bill fails, Lummis said developers, exchanges, stablecoin issuers, and enforcement agencies could remain without a durable federal rulebook for years.
