The CLARITY Act has already passed the US House with a 294-134 bipartisan vote, yet its Senate path looks far less certain. Prediction markets now place its odds of passage at just 55%. Senator Cynthia Lummis has warned that if the bill fails in this congressional session, the next meaningful opening for major crypto legislation may not come until 2030.
Banks are openly pushing back
JPMorgan CEO Jamie Dimon has taken a public stance against the current version of the bill. He recently attacked Coinbase CEO Brian Armstrong in public remarks and said JPMorgan and other major banks would actively fight the CLARITY Act in its present form. His objections focus on what he sees as an uneven playing field: crypto firms could offer users returns resembling deposit interest without being subject to the same protections banks are required to maintain.
Dimon also pointed to gaps in anti-money laundering rules and Bank Secrecy Act coverage. He said he supports blockchain technology and backs stablecoins for payments, but he opposes this legislative framework and called stablecoins a potential “huge problem” if Washington mishandles them. That position puts organized banking opposition directly in the bill’s path.
The bill aims to define who regulates digital assets
The Digital Asset Market Clarity Act is designed to set a clearer rulebook for US crypto markets. Its central goal is to classify digital assets more clearly as either securities or commodities, with oversight split between the SEC and the CFTC. It also seeks to prioritize customer asset protection if a crypto exchange collapses.
That structure addresses one of the longest-running problems in the US market: companies and users often do not know whether a token falls under securities law or commodities oversight. The strong House vote shows the proposal has support from both Republicans and Democrats, but Senate negotiations have been slower and more complicated.
SEC support does not remove execution concerns
SEC Chair Paul Atkins has publicly backed the measure, saying he is confident Congress will adopt the CLARITY Act and that President Trump will be able to sign it. Atkins argues that the bill would give the SEC a more suitable legal foundation and help keep crypto innovation inside the United States rather than pushing activity offshore. The Senate Banking Committee has already advanced the bill toward a full Senate vote.
Still, criticism is not limited to opponents. Brookings Institution researcher Aaron Klein warned that the bill significantly expands the CFTC’s responsibilities without adding budget, staffing, or expertise to match. A larger mandate without operational resources could leave enforcement weak. Klein also argued that dividing authority between the SEC and CFTC may reduce coordination and create gaps that bad actors could exploit.
The Senate will decide whether clarity arrives soon
At this stage, the CLARITY Act has House momentum, public SEC support, and bipartisan backing. It also faces heavy resistance from banks, unresolved questions over regulatory design, and doubts about whether agencies can enforce the framework effectively. What happens in the Senate over the next few months will determine whether US crypto regulation becomes clearer or stays unsettled for years.