CLARITY Act News: Senator Lummis Says Final Senate Vote Could Take Longer

Senator Cynthia Lummis says the Senate may need more time to complete work on the CLARITY Act. Her latest comments point to a possible vote before the August recess, rather than before the July 4 break. Lawmakers still need to combine several proposals before the crypto market structure bill reaches final form. The update adds a longer timeline to one of the most closely watched digital asset bills in Congress. Crypto News: Senator Lummis Points to August Timeline Senator Lummis said a Senate floor vote could still happen before the July 4 congressional recess. However, a vote before the August recess is the more likely outcome. Her comments show that lawmakers continue to work through the final structure of the CLARITY Act before it reaches the full Senate. The bill recently moved onto the Senate Legislative Calendar, which allows Senate leaders to bring it forward for consideration. Even so, no debate date or floor vote has been announced. That leaves the timing open as committees continue to align their versions of the legislation. Lummis said several pieces must still come together before the bill can move ahead. Those include the Senate Banking Committee’s proposal, the Agriculture Committee’s work, ethics provisions, and changes linked to the GENIUS Act. Each part affects how the final market structure framework will treat digital assets, platforms, and related services. The Senate also needs enough support to clear procedural hurdles. Lummis noted that cloture requires 60 votes, which makes final agreement important before leaders move the bill to the floor. While Congress can move quickly when there is broad agreement, she said the July recess may arrive too soon for the full process. Lawmakers Work on Final Crypto Market Rules The CLARITY Act aims to set clearer rules for digital asset markets in the United States. A central part of the bill focuses on the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. For years, crypto firms have faced uncertainty over which agency oversees different tokens and trading platforms. Treasury Secretary Scott Bessent has backed the bill and urged Congress to pass crypto market structure rules this summer. He described legal clarity as important for digital asset markets in the United States. His support adds weight to the push from lawmakers who want a federal framework instead of case-by-case enforcement. Bessent has also linked the broader crypto policy debate to the administration’s Strategic Bitcoin Reserve. The reserve will grow at a “deliberate speed,” signaling a slower approach to sovereign Bitcoin accumulation. At the same time, his support for the CLARITY Act shows that legislation remains a near-term policy priority. The bill still faces disputes over stablecoin rewards, developer protections, and compliance standards. Critics have raised concerns over whether the proposal treats crypto companies differently from banks. Supporters argue that the bill keeps anti-money laundering and Bank Secrecy Act requirements within the digital asset framework. Banking Debate Adds Pressure to Senate Talks The CLARITY Act has also drawn scrutiny from major banking figures. JPMorgan Chase CEO Jamie Dimon recently criticized the proposal during a CNBC interview. He argued that the bill could let crypto firms offer rewards tied to deposits or stablecoins without bank-level protections. Lummis rejected that reading and said existing anti-money laundering and Bank Secrecy Act rules already apply to digital assets. She also said the legislation includes those obligations. Her response placed the dispute within the wider debate over how banks and crypto firms should compete under federal law. The banking debate adds another layer to Senate negotiations. Lawmakers must balance market structure rules, consumer protections, enforcement authority, and innovation policy. They also face pressure from crypto firms, banks, developers, and national security voices seeking changes to the final text.