Senator Lummis says China will 'write the rules' of the new financial era if CLARITY fails
Summary
Wyoming Senator Cynthia Lummis warned that the US could lose crypto leadership to countries like China if Congress does not pass the CLARITY Act, a market structure bill. She said a clear federal framework would help the US shape the next financial system instead of leaving that role to Beijing. The Senate Banking Committee advanced the bill in May after months of delay, but its path to becoming law remains uncertain because of banking-industry opposition and the approaching midterm elections. JPMorgan CEO Jamie Dimon said banks will fight the bill because it lets crypto firms pay interest on deposits and does not impose bank-like AML and capital reserve rules. Lummis said failure to pass it in 2026 could delay action until 2030.
