Lummis: Final CLARITY Act Draft Due Around July 4

Senator Cynthia Lummis said the final version of the CLARITY Act is expected around the July 4 holiday, pushing U.S. crypto market structure legislation closer to a Senate vote.

Speaking with Fox Business host Maria Bartiromo, Lummis said negotiations have been running for months and are now in the final phase. Lawmakers have spent "thousands of hours" working through regulatory issues, she said, and the finalized text will be released for public review over the July 4 period.

Senate leaders are working to secure floor time in July for debate and a potential vote, Lummis said. She confirmed discussions with Senate leadership, including Senator John Thune, to place the bill on the Senate calendar next month.

The update follows criticism from some banking executives. JPMorgan CEO Jamie Dimon argued the legislation could let crypto companies offer rewards programs that resemble interest-bearing products without traditional banking rules.

Lummis rejected those concerns. She pointed to Section 301 of the CLARITY Act, which she said addresses perceived loopholes and adds anti-money laundering safeguards. The bill clearly distinguishes crypto rewards from banking services, she said, and revisions ensure rewards are not tied directly to account balances.

If approved, the CLARITY Act would establish clearer rules for digital asset businesses operating in the United States.