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'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 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.
