Senator Cynthia Lummis warns that without the Digital Asset Market Clarity Act (CLARITY), the United States will cede its financial leadership to China.
“The Clarity Act ensures we build the next [financial system]. The time to act is now, before Beijing decides it will,” Lummis posted on X.
The bill, which advanced out of the Senate Banking Committee in May, aims to create a comprehensive regulatory framework for crypto. However, its path to law remains uncertain due to opposition from the banking lobby and the approaching midterm elections.
JPMorgan Chase CEO Jamie Dimon says banks will fight the current version, arguing it doesn't impose the same anti-money laundering and capital reserve requirements on crypto firms. “No one is going to bow down to this guy or that company,” Dimon said, referring to Coinbase and its CEO Brian Armstrong.
Lummis cautions that if the CLARITY Act doesn't pass in 2026, the next opportunity may not come until 2030.