U.S. Senator Cynthia Lummis (신시아 루미스) publicly declared she will begin Senate floor discussions in July on the digital asset market structure bill known as the Clarity Act.

On June 24, local time, blockchain media outlet The Defiant reported this is the first time the bill’s lead sponsor has publicly given a specific timeline for the floor schedule.

In an interview with Fox Business, Lummis said the bill will be debated on the Senate floor by July. She also told JPMorgan Chase CEO Jamie Dimon (제이미 다이먼) that he is misinformed about the bill and urged him to review it during the July 4 recess to improve his understanding of its safeguards.

The clash began with criticism Dimon made earlier this month. He has argued the bill does not adequately address obligations under the Bank Secrecy Act and could allow crypto firms to pay interest on deposit-like products without consumer protections. Lummis countered that the Clarity Act contains more than 1,600 references to provisions covering existing anti-money laundering rules and Bank Secrecy Act requirements.

Still, a declaration of July floor debate does not mean passage is guaranteed. The Senate returns on July 13 after the July 4 recess and goes into recess around Aug. 10. That leaves about four weeks available for floor action. The bill was placed on the Senate legislative calendar as No. 423 on June 1, making it eligible for a floor vote, but Republican Senate Majority Leader John Thune (존 튠) has not announced a specific date to bring it up.

The vote threshold is also high. The bill needs 60 votes to invoke cloture, meaning it must secure at least seven Democratic votes. Democrats are raising concerns about ethics language tied to the Trump family’s cryptocurrency holdings and a developer liability exemption in Section 604. Senators Angela Alsobrooks (안절라 올소브룩스) and Ruben Gallego (루벤 가예고) voted for it in committee but said they will not decide their floor voting position without an ethics-related agreement. Closed-door talks over the language collapsed on June 9.

The dispute is focusing on Section 604. It would exempt non-custodial developers and decentralised finance, or DeFi, infrastructure from Bank Secrecy Act registration and customer identification obligations. In opposition, U.S. prosecutor, police and sheriff groups sent a letter on June 24 to Deputy Attorney General-designate Todd Blanche (토드 블랜치) opposing the provision. About 100 Catholic leaders also sent a separate letter to Senate leadership the same day, warning such provisions could make it harder to monitor illicit funds.

Industry groups take a different view. The Consumer Technology Association, representing more than 1,200 technology companies, and more than 200 cryptocurrency firms are urging passage.

The House of Representatives has also moved to support the effort. The House Financial Services Committee will hold an in-person hearing in New York on July 17 titled "The Future of Finance That the Clarity Act Opens." The House passed H.R.3633 in July 2025 by 294 to 134. If the Senate passes amendments, leadership in both chambers is also keeping open the option of having the House take up the Senate text directly.

July is likely to be a pivotal month for the bill’s trajectory. Lummis has said that if the Senate misses a chance to vote in 2026, the earliest realistic time for passage could be pushed back to at least 2030. That makes it a key variable whether the Senate will set an actual schedule in the session beginning July 13 and whether it can narrow differences over Section 604 and the ethics language.