Pro-crypto Senator Cynthia Lummis and JPMorgan CEO Jamie Dimon have become key figures in the latest debate over the CLARITY Act as the bill advances in the Senate.
Lummis Pushes Back On Dimon’s CLARITY Act CriticismDimon, a longtime skeptic of crypto, has previously questioned the role of digital assets in financial markets, and his criticism last week included the view that banks would not accept the CLARITY Act in its current form.
Lummis, however, said Dimon’s critique is “absolutely wrong.” In her remarks on Wednesday, she argued that Dimon has not read the legislation.
The Senator specifically challenged the executive’s comments about the bill’s anti-money laundering (AML) requirements and how it treats software developers. In her view, Dimon’s description of the CLARITY Act does not match what is actually in the text.
Lummis disagreed with that framing, saying the approach is incorrect because the legislation does, in fact, build on existing requirements that already apply to banks.
To support that point, Lummis said the CLARITY Act contains more than 1,600 references to AML and BSA provisions, and that those requirements would continue applying to digital-asset activities under the bill’s structure.
Next Steps For Crypto Bill PackageBeyond responding to Dimon’s criticism, Lummis discussed what comes next for the CLARITY Act as it moves toward final consideration by the full Senate.
The Senator disclosed she has been coordinating with other senators, including Bill Hagerty, Angela Alsobrooks, and Thom Tillis, as part of an effort to assemble the final package.
Featured image created with OpenArt; chart from TradingView.com
