Senator Cynthia Lummis said Congress may not get another real chance to pass digital property legislation until 2030 if the CLARITY Act fails.
Summary
- The CLARITY Act will create federal regulations for crypto assets, exchanges, developers, stablecoin issuers, and market regulators.
- JPMorgan CEO Jamie Dimon criticized the bill, saying banks may oppose it unless lawmakers tighten stablecoin, AML, and BSA regulations.
- Senator Cynthia Lummis warned that US lawmakers may lose their best chance to pass digital asset market regulations until 2030 if the CLARITY Act closes this time.
Lummis, in a post on X, said Congress faces a narrow window to pass the Digital Assets Clarification Act before electoral 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 crack down on illegal activities in digital asset markets.
Senate pressure builds over the CLARITY Act
His warning puts new pressure on the Senate, where the bill remains short of passing without bipartisan support. Lummis said developers need clear rules instead of legal uncertainty, while law enforcement agencies need a defined framework for digital property crime.
The CLARITY Act will create a government framework to oversee crypto in the United States. The bill sets out how digital assets are classified, which regulators oversee them, and which obligations apply to exchanges, developers, and other market participants.
Supporters of the bill, including several crypto firms, say the federal rules could help keep digital asset activity in the United States. They argue that companies now face unclear standards and enforcement actions on a case-by-case basis.
The Senate remains a major obstacle
The House of Representatives has already passed this legislation with bipartisan support. In the Senate, however, lawmakers have argued over revisions, stablecoin provisions, banking concerns, and agency authority.
The Senate Banking Committee recently advanced an amended version of the bill in a bipartisan 15-9 vote. The measure still needs enough support to clear the Senate, where most major legislation needs 60 votes.
Any Senate changes must also be reconciled with the House version before the bill reaches the White House. Lummis said the timeline is important because the 2026 midterm elections could delay the process and reduce the chance of a final vote.
The banking industry is in decline
JPMorgan Chase CEO Jamie Dimon criticized the current bill during an interview with Fox Business. Dimon said banks will oppose the law unless lawmakers revise key sections.
According to Dimon, this proposal would allow crypto firms to offer rewards to stablecoin holdings, similar to interest on bank deposits. He said products of this type must comply with strict security laws, anti-money laundering laws, and the requirements of the Bank Secrecy Act.
Banks have warned lawmakers that stablecoin rewards could attract deposits 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 to the pressure
President Donald Trump’s administration has supported the CLARITY Act, according to earlier statements from the White House. Treasury Secretary Scott Bessent also supported the digital asset legislation, while SEC Chairman Paul Atkins said Congress could still send a crypto bill to the president.
Government agencies have continued to change crypto policy through guidance, authorization, and passive letters. Lummis argued that agency action alone would not provide markets with lasting certainty because future administrations could change those decisions.
His 2030 warning now includes the CLARITY Act as a test for Congress. If the bill fails, Lummis said developers, traders, stablecoin issuers, and regulatory agencies could go years without a strong federal bill.
