Senate to Drop CLARITY Act Text Over July 4, Lummis Says—Crypto's Fireworks Came Early 🎆

Senator Cynthia Lummis said the final version of the CLARITY Act will be released over the July 4 recess, with the U.S. Senate aiming to move the digital asset market structure bill to a full floor vote in July. Speaking on Fox Business with Maria Bartiromo, Lummis said lawmakers have been negotiating the legislation intensively, stating, "We've been negotiating on the CLARITY Act hardcore since last Labor Day. It's been an arduous process," and noting that senators have spent "thousands of hours" addressing cross-committee concerns, including issues raised during negotiations over the GENIUS Act and objections from the banking industry. Lummis also criticized JPMorgan CEO Jamie Dimon for opposing the bill.

Solana Policy Institute President Kristin Smith added that negotiations are continuing on a daily basis among Senate Democrats, Senate Republicans, the White House, the crypto industry and other stakeholders. In a thread on X, Smith wrote, "Legislation is never guaranteed, but I strongly believe there is a path to get the Clarity Act to the President's desk," and described the talks as "serious, substantive work" that is "happening every day." She identified July 13 through August 7 as a critical window for advancing the bill.

The Senate has adjourned until July 13, putting the bill's timeline in a tight squeeze against Lummis's stated July floor vote target. Smith said the industry has weathered prior regulatory battles, including self-hosted wallet midnight rulemaking, debanking and the Gensler era, and urged continued engagement. Lummis said senators will give the public "one last really thorough look at the bill" once the text is published over the July 4 holiday.