Senator Cynthia Lummis said Congress may not get another real chance to pass digital asset legislation until 2030 if the CLARITY Act fails.
summary
- The CLARITY Act would create federal rules for crypto assets, exchanges, developers, stablecoin issuers and market regulators.
- JP Morgan CEO Jamie Dimon criticized the bill, saying banks may oppose it unless lawmakers strengthen stablecoin, anti-money laundering and bank secrecy rules.
- Senator Cynthia Lummis warned that US lawmakers could lose their best chance to pass digital asset market rules through 2030 if the CLARITY Act stalls this session.
Loomis, in a post on X, said Congress faces a narrow window to move the Digital Asset Market Clarity Act before electoral politics and legislative delays push cryptocurrency policy further down the agenda. The Wyoming Republican argued that the bill would give cryptocurrency developers legal protection while helping law enforcement pursue illicit activity in digital asset markets.
Senate pressure on the CLARITY Act is growing
Her warning puts new pressure on the Senate, where the bill remains without final approval despite bipartisan support. Loomis said developers need clear rules rather than legal uncertainty, while enforcement agencies need a specific framework for digital asset crimes.
The CLARITY Act would create a federal structure for the oversight of cryptocurrencies in the United States. The draft law specifies how digital assets are classified, which regulators oversee them, and what obligations apply to exchanges, developers and other market participants.
Supporters of the bill, including many cryptocurrency companies, say federal rules will help keep digital assets active in the United States. They say companies now face unclear standards and case-by-case enforcement measures.
The Senate remains the main obstacle
The House of Representatives has already passed this legislation with bipartisan support. However, in the Senate, lawmakers discussed reviews, stablecoin provisions, banking concerns, and agency authority.
The Senate Banking Committee recently advanced a revised version of the bill in a bipartisan vote of 15-9. The measure still needs enough support to clear the Senate floor, as most major legislation requires 60 votes.
Any changes in the Senate must also be reconciled with the House version before the bill reaches the White House. Loomis said the timeline is important because the 2026 midterm elections could slow the process and reduce the chance of a final vote.
The banking industry is declining
JPMorgan Chase CEO Jamie Damon He criticized the current bill during an interview with Fox Business. Banks will oppose the legislation unless lawmakers review key sections, Dimon said.
According to Dimon, the proposal could allow cryptocurrency companies to offer rewards on stablecoin holdings, similar to interest on bank deposits. Such products should come with stronger legal protections, anti-money laundering controls, and Bank Secrecy Act requirements, he said.
Banks have warned lawmakers that stablecoin rewards could take deposits away from traditional lenders. Cryptocurrency companies, including Coinbase, have told lawmakers that customers should be allowed to earn benefits from regulated digital asset products.
The White House’s support adds to the pressure
Administration of President Donald Trump He supported the CLARITY Act, according to previous statements from the White House. Treasury Secretary Scott Besent also supported digital asset legislation, while SEC Chairman Paul Atkins said Congress could still send a cryptocurrency bill to the president.
Federal agencies have continued to change cryptocurrency policy through directives, approvals, and no-action letters. Loomis argued that the agency’s work alone cannot give markets lasting certainty because future administrations could change those decisions.
Her 2030 warning now sets the CLARITY Act as a test for Congress. If the bill fails, Loomis said developers, exchanges, stablecoin issuers and enforcement agencies could remain without a permanent federal rulebook for years.
