Lummis sets July 4 release for CLARITY Act despite Dimon criticism

**Lummis sets July release for CLARITY Act text, targets Senate vote**

Sen. Cynthia Lummis will release the compromise text of the Digital Asset Market Clarity Act (H.R. 3633) over the U.S. July 4 holiday, aiming for a Senate floor vote later in July. The move directly rebuts JPMorgan CEO Jamie Dimon’s criticism of its stablecoin provisions.

The House passed the bill 294–134 in July 2025. The Senate Banking Committee advanced it 15–9 in May 2026. Lummis, not seeking reelection in 2026, has until January 2027 to finalize the digital asset regulatory framework she has championed for three sessions.

The legislative calendar is tight. Missing the July window risks pushing the vote past the August recess, cutting floor time for any fall passage.

**Section 301 stablecoin revisions**
Dimon warned the bill could let crypto platforms offer deposit-like rewards without bank-level safeguards. Lummis said he is wrong, citing changes to Section 301:
- Stablecoin issuers may run rewards programs.
- Benefits tied directly to account balances—similar to interest—are banned.

Earlier drafts would have prohibited any yield on inactive stablecoin holdings. The current compromise keeps some yield design flexibility while addressing bank industry concerns.

**Outstanding negotiations**
Three issues remain:
- **DeFi** regulation
- **AML** rules (based on the 2023 Responsible Financial Innovation Act, requiring kiosk operators to keep customer address records with FinCEN)
- **Ethics** clauses — still contentious after Republicans dropped a proposal giving state AGs authority to act against the DOJ.

Whether these items can be resolved before recess without reopening the stablecoin compromise will determine if the bill advances to a Senate vote this summer.

Full details: CoinSpeaker Senate timeline analysis, Section 301 breakdown, ethics clause talks.