CLARITY Act Final Text Release Imminent as Senate Prepares for July Vote

Senator Cynthia Lummis announced that the final version of the CLARITY Act will be released around July 4. Talks over the bill have been ongoing since last Labor Day and have involved thousands of hours of negotiations to address cross-curriculum issues.

The lawmakers, including Senator Lummis, have worked hard to address concerns raised during the negotiations of the GENIUS Act and objections from the banking industry.

According to Senator Lummis, the senators are now getting close to publishing a final form, which they’ll put out for public comment. The bill will then be voted on in July after giving people one last thorough look at it over the July 4 holiday period.

Lummis also refuted claims made by JPMorgan CEO Jamie Dimon that the CLARITY Act would enable crypto providers to provide rewards similar to interest-bearing products without the protections associated with banks. She pointed out that Section 301 of the law closes what he saw as a loophole and includes extra anti-money laundering measures.