Lummis Fires Back at Dimon Over Clarity Act Criticism

Senator Cynthia Lummis (R-WY) is pushing back against JPMorgan Chase CEO Jamie Dimon's criticism of the Digital Asset Market Clarity Act, saying he has either misread or deliberately misrepresented the bill. The legislation aims to provide clear jurisdictional lines between the SEC and CFTC over digital assets.

Lummis claims that the bill explicitly lays out existing anti-money laundering (AML) and Bank Secrecy Act (BSA) obligations for banks, with 16-17 direct references throughout the text. She has told Dimon to read the bill before commenting on it. The senator stopped short of calling Dimon's criticism a bad-faith attack.

The Clarity Act was introduced in May 2025 and passed the House with a vote of 294 to 134. However, its progress is being held up by the Senate's 60-vote cloture threshold. Lummis has set a target of July 2026 for Senate debate.

JPMorgan has built out its own blockchain infrastructure and crypto custody capabilities, making Dimon's criticism relevant to the bank's competitive position. The bill contains ethics language related to the Trump family's digital asset holdings, which could be used as an excuse to withhold support from senators.