Senator Lummis Says Final CLARITY Act Draft Coming Around July 4

Senator Cynthia Lummis has revealed that the final version of the CLARITY Act is expected to be released around the July 4 holiday, marking a significant step forward for U.S. cryptocurrency regulation. The announcement comes as lawmakers prepare to advance digital asset market structure legislation in the Senate.

Speaking with Fox Business host Maria Bartiromo, Lummis said negotiations on the CLARITY Act have been ongoing for months and are now entering the final phase. According to the senator, lawmakers have devoted substantial time and effort to refining the bill and addressing concerns raised by multiple stakeholders, including the banking industry and participants involved in discussions surrounding the GENIUS Act.

Lummis noted that legislators have spent thousands of hours working through complex regulatory issues to create a comprehensive framework for the cryptocurrency industry. She stated that the finalized legislative text is expected to be released for public review over the July 4 period, giving interested parties one final opportunity to examine the proposal before it moves forward.

The Wyoming senator also indicated that Senate leaders are working to secure floor time in July for debate and a potential vote on the CLARITY Act. She confirmed that discussions are underway with Senate leadership, including Senator John Thune, to place the legislation on the Senate calendar next month.

The update follows criticism from some banking executives regarding elements of the proposed crypto market structure bill. JPMorgan CEO Jamie Dimon previously argued that the legislation could allow cryptocurrency companies to offer rewards programs that resemble interest-bearing products without being subject to traditional banking regulations.

Lummis rejected those concerns, stating that critics should review the latest version of the bill before drawing conclusions. She pointed to Section 301 of the CLARITY Act, which she said addresses perceived loopholes and includes additional anti-money laundering safeguards.

According to Lummis, the legislation clearly distinguishes crypto rewards programs from banking services. She explained that revisions were made to ensure rewards are not tied directly to account balances, addressing concerns raised by financial institutions while still supporting innovation and consumer choice within the digital asset sector.

If approved, the CLARITY Act could become a major milestone in establishing clearer cryptocurrency regulations and providing regulatory certainty for digital asset businesses operating in the United States.