Senator Cynthia Lummis now expects a Senate floor vote on the CLARITY Act to occur before the August congressional recess rather than the previously hoped-for July 4 break. The timeline shift reflects the complexity of assembling the final crypto market structure bill.
Speaking with journalist Eleanor Terrett, Lummis said a vote before July 4 remains technically possible but “more likely” before August. Her remarks came days after the Digital Asset Market Clarity Act was placed on the Senate Legislative Calendar, a procedural step that allows full Senate consideration. Still, no debate date or floor vote has been scheduled.
Multiple bills must be merged first
According to Lummis, several legislative pieces still need to be combined: the Banking Committee’s bill, the Agriculture Committee’s bill, ethics provisions, and modifications tied to the GENIUS Act. “We haven’t merged those yet,” she said. Reaching a final text and securing the 60 votes needed for cloture could take longer than initially expected. While Congress has fast-tracked legislation before, Lummis indicated that completing the process before July will be difficult.
Developer protections become a flashpoint
Alongside timing questions, political support for parts of the legislation continues to grow. A new PAC called Defend Developers has launched to advocate for U.S. crypto software engineers, DeFi builders, and open-source developers. One of its priorities: securing legal protections for developers within the CLARITY Act.
Reports cited by the group indicate that developer protections are a significant point of debate between Republicans and Democrats as negotiations continue. Outside the crypto industry, the Blockchain Association said 160 former intelligence, defense, and law enforcement officials sent a letter urging Senate leaders to advance the bill.
Lummis hits back at Jamie Dimon’s criticism
Earlier this week, JPMorgan Chase CEO Jamie Dimon criticized both Coinbase CEO Brian Armstrong and the CLARITY Act in a CNBC interview. Dimon argued the bill could let crypto firms offer deposit-like rewards without equivalent consumer protections and claimed it inadequately addresses Anti-Money Laundering and Bank Secrecy Act requirements.
Lummis rejected that interpretation on the same network, emphasizing that AML and BSA obligations already apply to digital assets and are included in the legislation. She said Dimon’s criticisms stem from a misunderstanding of the bill’s provisions. The exchange highlights the intense debate surrounding the legislation as the August recess approaches.