Cynthia Lummis to Release Final CLARITY Act Text by July 4

Lummis confirmed the timeline during an interview with Maria Bartiromo, noting that negotiations have been ongoing since last Labor Day. Lawmakers have spent thousands of hours balancing industry demands with objections from the banking sector and regulatory bodies. Discussions with Senate Majority Leader John Thune are currently underway to secure a spot for the bill on the chamber’s July agenda.

The senator specifically addressed criticism from JPMorgan CEO Jamie Dimon regarding potential rewards programs. Lummis argued that Section 301 of the updated bill now explicitly prevents crypto firms from offering rewards that mirror interest-bearing banking products, while also strengthening anti-money laundering protocols.

Despite these revisions, the legislation faces persistent resistance regarding Section 604. Four law enforcement organizations recently warned Attorney General Todd Blanche and White House adviser Patrick Witt that the provision could create regulatory loopholes for non-custodial participants, including open-source developers and decentralized finance operators. The Alliance to End Human Trafficking has echoed these concerns, cautioning that the language might hinder investigations into organized crime and child exploitation. These final objections loom large as the bill moves toward its definitive vote.