Lummis Sets July as Senate Floor Deadline for Clarity Act, Tells Dimon to Read the Bill

Senator Cynthia Lummis announced Wednesday morning that the Digital Asset Market Clarity Act will reach the Senate floor in July, setting the first hard public commitment to a floor date from the bill's lead sponsor.

Lummis made the announcement on Fox Business's "Mornings with Maria," saying the bill will be debated on the Senate floor by July. She paired the timeline with a direct message to JPMorgan Chase CEO Jamie Dimon, calling him "mistaken" about the legislation and suggesting he "review the bill over the July 4th recess to better grasp its protections."

Dimon Pushback

Dimon's public criticism of the bill dates to early June. In a separate Fox Business segment Wednesday, Lummis repeated her challenge. She had been sharper in a CNBC appearance on June 3, when she said Dimon "either hasn't read the bill or he wants to mislead people" and called his remarks "really distasteful."

Dimon has argued the bill does not adequately address Bank Secrecy Act obligations and would allow crypto firms to pay interest on deposit-like instruments without sufficient consumer protection. Lummis's counter: the CLARITY Act contains more than 1,600 references to existing AML and Bank Secrecy Act requirements.

The July Window

The Senate returns from the July 4 mini-recess on July 13. August recess begins around August 10, leaving roughly four weeks of floor time. The bill sits on Senate Legislative Calendar No. 423, placed June 1, and is eligible for a floor vote. Majority Leader Thune has not yet announced a floor date.

The bill needs 60 votes to clear cloture, which means at least seven Democratic crossovers from a caucus that has flagged concerns over ethics language tied to the Trump family's crypto holdings and the developer-liability carve-out in Section 604. Senators Angela Alsobrooks and Ruben Gallego voted yes in committee; both have said their committee votes do not bind their floor votes without an ethics deal. Closed-door negotiations on that language collapsed June 9.

House Hearing and the Arc

On the House side, the Financial Services Committee scheduled a July 17 field hearing in New York City titled "Building the Future of Finance: How the CLARITY Act Unlocks Innovation." The House passed H.R. 3633 294 to 134 in July 2025. If the Senate passes an amended version, leadership on both sides has signaled the House would take up the Senate text directly.

Lummis has said a missed 2026 vote pushes realistic passage to at least 2030.

Opposition Context

A coalition of law enforcement organizations sent a letter to Acting Attorney General Todd Blanche on Tuesday opposing Section 604's exemption for non-custodial developers and DeFi infrastructure from Bank Secrecy Act registration and KYC requirements. The letter came from the National District Attorneys Association, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs' Association.

The same day, approximately 100 Catholic leaders affiliated with the Alliance to End Human Trafficking sent a separate letter to Senate leadership expressing concern that Section 604 could create regulatory gaps that complicate monitoring of trafficking-related illicit finance.

The Consumer Technology Association, representing more than 1,200 tech firms, and more than 200 crypto companies have urged passage. Galaxy Research put passage odds at roughly 60% in early June.

The Senate has floor time beginning the week of July 13.