The United States will lose its leading position in crypto to other countries, including China, if US lawmakers fail to pass the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill, according to Wyoming Senator Cynthia Lummis.
Adopting a comprehensive crypto regulatory framework would ‘ensure’ that other countries ‘do not write the rules for the next financial era’, Lummis said. She added in a separate job:
“America built the dollar-dominated financial system that anchored global stability for a century. The Clarity Act ensures we build the next one. The time to act is now, before Beijing decides to do so.”
In May, the Senate Banking Committee voted to advance the CLARITY Act after the legislation remained stalled for months, reviving the crypto industry’s hopes that the bill could be codified into law in 2026.
Source: Senator Cynthia Lummis
The Crypto Market Structure Bill is one of the most significant pieces of crypto regulation in the United States, but it’s unclear if it will be implemented. promulgated in 2026 because of opposition from the banking lobby and the upcoming midterm elections in the United States.
Related: ‘We’re so close this time’: Senator Lummis on the Market Structure Bill
JPMorgan CEO Says Banks Will Oppose CLARITY as Window to Adopt It Narrows
JPMorgan CEO Jamie Dimon said Friday that banks oppose the latest version of the bill as this still allows crypto companies to pay interest on user deposits.
He added that the current version of the CLARITY Act does not impose the same anti-money laundering (AML) and capital reserve requirements on crypto companies that banks must follow.
The full text of the CLARITY Act. Source: US Congress
“The banks won’t take it that way,” Dimon said, adding that they would continue to “fight” the bill. Dimon criticized crypto exchange Coinbase and its CEO Brian Armstrong’s efforts to pass the bill.
“No one is going to bow down to this guy or that company,” Dimon said. Meanwhile, the window to pass the CLARITY Act is narrowing as the United States heads into the midterm election season.
If the bill is not signed into law in 2026, the window to pass the legislation may not return before 2030warned Senator Lummis.
