CLARITY ACT NEWS: Senator Cynthia Lummis (R-Wyo.) announced on Wednesday, June 25, that Senate negotiators will release compromise text for the CLARITY Act, the Digital Asset Market Clarity Act, H.R. 3633, over the July 4 weekend, pushing the Senate vote into July, directly refuting recent criticism by JPMorgan Chase CEO Jamie Dimon of the stablecoin provisions in the cryptocurrency legislation.
This is not just a scheduling update. It’s a legislative deadline imposed by political physics: Loomis announced that she will not seek re-election in 2026, leaving her until January 2027 to secure the digital asset regulatory framework she spent three sessions building.
CLARITY ACT NEWS: Lummis announces July text release and Senate schedule
He speaks on Fox Business Morning with Maria“We’re finally getting to the point where we’re going to put a script on the Fourth of July, and then we’ll move to July,” Loomis said.
The House passed H.R. 3633 in July 2025 by a margin of 294-134; The Senate Banking Committee advanced the bill by a vote of 15 to 9 on May 14, 2026. Lummis previously stated that she believed the bill could pass the 60-vote threshold in the Senate despite continued opposition from the banking industry, and described the stablecoin settlement not as a concession but as a “commitment.”
Let’s go. Let’s show. Let’s rodeo.
Clarity is coming.
– Cynthia Lummis (@CynthiaMLummis) May 14, 2026
The tight holiday calendar makes the July window close to mandatory. As detailed in Previous CoinSpeaker analysis of the Senate timeline for the CLARITY ActThe August holiday significantly compresses available floor daysmaking the release of the text before the recess the job requirement for any vote in September or fall.
Section 301 Reviews: Dispute over Stable Deposit-Like Products
Dimon has publicly argued that the cryptocurrency market structure bill would allow crypto platforms to offer rewards similar to interest-bearing bank deposits without equivalent regulatory safeguards, an argument also made by banking trade groups, citing the risks of deposit flight and regulatory arbitrage.
Loomis rejected that characterization outright, pointing to revisions made to Section 301 of the bill.
The revised language allows stablecoin issuers to operate rewards programs but prohibits interest directly tied to account balances in a way that replicates traditional bank interest.
🇺🇸 Insight: Senator Cynthia Lummis says Jamie Dimon is wrong about the Clarity Act.
“He needs to read the bill.”
pic.twitter.com/K0Ik7ILS4G— Cointelegraph (@Cointelegraph) June 24, 2026
An earlier draft of the Banking Commission went further, essentially prohibiting cryptocurrency platforms from offering interest on fully inactive stablecoin deposits. The current compromise is a narrower ban designed to address pressure from banks without ruling out all yield-related product designs. The precise mechanisms of this discrimination, and how regulators enforce it, are examined CoinSpeaker’s analysis of Section 301 stablecoin revenue reviews.
Open elements: DeFi regulation, anti-money laundering provisions, and ethics language
Loomis acknowledged three remaining open negotiating clauses: provisions governing DeFi (decentralized finance) protocols, AML (anti-money laundering) language, and ethics clauses.
she certain Multiple anti-money laundering protections are now included in the current draft of the bill, a framework that dates back to Sen. Kirsten Gillibrand’s (D.N.Y.) Responsible Financial Innovation Act of 2023, which requires cryptocurrency kiosk operators to keep accurate records of customer addresses with the Financial Crimes Enforcement Network (FinCEN).
Moral judgments remain the most politically sensitive unresolved item. As covered in CoinSpeaker reports on ethics clause negotiationsa previous closed session between Loomis, Senator Gillibrand, and White House Cryptocurrency Council Executive Director Patrick Witt collapsed without agreement after Republicans withdrew a provision that would have given state prosecutors general enforcement power against the Department of Justice.
The analytical question at this point is no longer whether the CLARITY Act advances cryptocurrency market structure legislation, the House vote and committee markup decided that. Rather, it is a question of whether the remaining DeFi and ethics language can be resolved before the August recess without revealing the Section 301 compromise that neutralized the most obvious objection from the banking sector.
We believe Dimon’s public intervention, whatever its legislative influence, gave Loomis a useful argument to show that the amended bill holds a defensible line on the issue of deposits and products, which may matter when you need those final votes.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
Neil is a professional cryptocurrency content writer with years of experience. He has written for numerous cryptocurrency websites to report breaking news, and has been hired by all kinds of cryptocurrency projects, to create content that will increase their exposure and attract more potential investors.
