CLARITY Act: Lummis sets July 4 final text review window

Sen. Cynthia Lummis says the CLARITY Act will move into its last public review stage. She expects the updated crypto market structure bill text to be released around July 4, followed by a Senate push later in July for floor consideration. Lummis told Fox Business’s Maria Bartiromo that negotiations have been ongoing since last Labor Day and required extensive revisions after input from lawmakers, industry stakeholders and banking representatives. She said senators will publish the revised CLARITY Act text to give “one last” thorough feedback period before voting. A key dispute remains. Law enforcement groups and anti-trafficking advocates continue to oppose Section 604. They argue it could create regulatory gaps and weaken application of Know Your Customer and Anti-Money Laundering standards compared with traditional finance. Critics say Section 604 (linked to the Blockchain Regulatory Certainty Act) could prevent certain non-custodial participants—such as open-source developers and some DeFi infrastructure operators—from being automatically treated as money transmitters. Lummis also pushed back on JPMorgan CEO Jamie Dimon’s criticism that the bill could enable crypto reward programs resembling interest-bearing banking products without the same safeguards. She cited revisions to Section 301, saying reward structures were adjusted so they are not tied to account balances in a way that mirrors interest payments, and that additional AML measures were added. Traders should note the CLARITY Act timeline is approaching an actionable milestone (July 4 publication), but opposition to Section 604 may still inject headline risk into US regulatory expectations.