Senator Cynthia Lummis strongly criticized JPMorgan CEO Jamie Dimon’s criticism regarding the CLARITY Act. She has rallied support for the bill as it approaches a vote in the full Senate.
Senator Lummis rejects JP Morgan’s position on the Clarity Act
The comments were as follows: The CLARITY Act is now official On the Senate Legislative Calendar, pursuant to General Orders. This represents further progress for the cryptocurrency bill following a bipartisan vote of 15-9 in the Senate Banking Committee last month.
In an interview with CNBC, the senator challenged Lummis Dimon’s opposition to the bill. I also addressed his previous comments regarding the digital assets industry.
“Jamie Dimon is dead wrong. He either didn’t read the bill or he wants to mislead people. Let’s put the best explanation for this: He didn’t read the bill,” Loomis said. Loomis said.
The Wyoming senator emphasized that the bill contains many of the same anti-money laundering and bank secrecy provisions found in the banking world.
Senator Lummis said there are “16 or 17 references” in the bill that focus explicitly on compliance obligations for digital asset companies.
Among the main talking points in the current negotiations are federal laws on how to deal with DeFi developers. Lawmakers are trying to balance the need to protect software developers and blockchain app developers with law enforcement concerns, Loomis said. male.
“People who write code for Bitcoin products, for example, don’t know when to release their product and who is using it,” she said. Senator Lummis also added: “They should be protected from liability because they don’t know who the user is.”
Loomis warned Software developers who work with companies that directly issue or manage digital assets should be fired. Moreover, it believes that banking compliance frameworks are suitable for businesses but not for code writers.
Clarity gains a step forward in the Senate
Against this backdrop, the Clarity Act was added to the Senate calendar. This step came after the committee’s amendments were included in the latest version of the draft law.
However, the vote has not been confirmed in the Senate yet. Meanwhile, Congress will resume its session on Wednesday, June 3. Hence, industry stakeholders expect an update on Full vote of the Senate.
Senator Lummis declared, “Now we need to wrap the Clarity Act, which deals with the part of the SEC’s jurisdiction, with the COA product, and combine that with ethics. And then finally wrap it with some ethics legislation, in one product that gets introduced on the floor of the Senate and then needs 60 votes to approve.”
