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Crypto rules face 2030 Risk if CLARITY Act stalls, Lummis says

Senator Cynthia Lummis warned that if the CLARITY Act doesn’t pass, Congress might not have another good opportunity to create laws for digital assets until 2030.

Summary

  • The CLARITY Act would create federal rules for crypto assets, exchanges, developers, stablecoin issuers, and market regulators.
  • JPMorgan CEO Jamie Dimon criticized the bill, saying banks may oppose it unless lawmakers strengthen stablecoin, AML, and BSA rules.
  • Senator Cynthia Lummis has warned that U.S. lawmakers may lose their best chance to pass digital asset market rules until 2030 if the CLARITY Act stalls this session.

In a recent post on X, Representative Lummis warned that Congress has a limited time to pass the Digital Asset Market Clarity Act. She explained that upcoming elections and potential legislative hurdles could delay progress on crypto policy. The Wyoming Republican believes the bill would both protect innovators in the crypto space and give law enforcement the tools they need to fight illegal activity involving digital assets.

Senate pressure builds over CLARITY Act

Senator Lummis’s comments are adding urgency for the Senate to pass the bill, which currently lacks enough votes for approval, even with bipartisan support. She emphasized that those building with digital assets need clear regulations, and law enforcement requires a solid legal structure to address related crimes.

As a researcher following the development of digital asset laws, it’s becoming clear that we likely won’t see another major legislative window until around 2030. This leaves developers vulnerable without clear legal guidelines, and unfortunately, hinders law enforcement’s ability to prosecute those who misuse these technologies. The Clarity Act is designed to address both of these critical issues, offering much-needed protections and accountability.

— Senator Cynthia Lummis (@SenLummis) May 29, 2026

The CLARITY Act aims to establish clear federal rules for overseeing cryptocurrencies in the U.S. It would define what digital assets are, which government agencies would watch over them, and what requirements companies like exchanges and developers need to follow.

Those who support the bill, including many companies in the cryptocurrency industry, believe that clear federal rules are needed to ensure digital asset businesses stay in the U.S. Currently, they say, companies are struggling with vague regulations and unpredictable enforcement.

Senate remains the main hurdle

The House of Representatives approved the bill with support from both Democrats and Republicans. In the Senate, however, debate continues, focusing on potential changes, rules for stablecoins, issues with banks, and the powers of government agencies.

The Senate Banking Committee passed a revised version of the bill with support from both Democrats and Republicans, voting 15 to 9 in favor. However, the bill still needs to gain enough votes – typically 60 – to pass a full Senate vote.

Before the bill can be sent to the President, the Senate and House must agree on a single version. Senator Lummis emphasized that time is critical, as the 2026 midterm elections could make it harder to pass the bill into law.

Banking industry pushes back

Jamie Dimon, the CEO of JPMorgan Chase, recently spoke out against a new bill in an interview with Fox Business. He stated that banks plan to fight the legislation if lawmakers don’t make significant changes to it.

Jamie Dimon suggests the plan could let crypto companies reward customers for holding stablecoins, much like banks offer interest on deposits. He believes these products need stricter regulations, including better safeguards against money laundering and compliance with banking laws.

Banks have expressed concern to lawmakers that offering rewards through stablecoins could lead customers to move their money out of traditional savings accounts. Meanwhile, cryptocurrency companies like Coinbase have argued that customers should be able to earn benefits from legitimate, regulated digital asset products.

White House support adds pressure

The Trump administration has expressed support for the CLARITY Act, as previously announced by the White House. Treasury Secretary Scott Bessent also favors laws governing digital assets, and SEC Chair Paul Atkins has indicated that Congress could still pass a cryptocurrency bill for the president to consider.

Government agencies are still shaping crypto regulations through announcements, approvals, and temporary exemptions. However, Senator Lummis believes these actions aren’t enough to provide long-term stability to the market, as future administrations could easily reverse them.

Senator Lummis’s previous warnings about 2030 are now highlighting the CLARITY Act as a crucial test for Congress. She believes if the bill doesn’t pass, companies building crypto technology, exchanges, stablecoin creators, and government regulators might lack clear, long-term federal rules for a long time.

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2026-05-30 23:12