China Could Write Crypto’s Rules If Congress Misses This Summer Window, Lummis Says

TLDR

• Galaxy Digital CEO Mike Novogratz says June is the decisive month for the CLARITY Act, calling it “now or never”
• Senator Lummis warns the next chance to pass crypto legislation may not come until 2030
• JPMorgan CEO Jamie Dimon says banks will actively fight the bill over deposit interest and AML rules
• Treasury Secretary Scott Bessent urged Congress to advance the bill, pushing Polymarket approval odds to 60%
• The bill faces a packed Senate calendar competing with reconciliation talks, FISA, and a housing package

The CLARITY Act, a crypto market structure bill, is entering what could be its final weeks in the current Congress. Lawmakers, industry leaders, and the White House are all pushing for a Senate floor vote before the August recess.

June Is the Window — and It’s Narrow

Congress has four working weeks in June and just three in July before the August recess. That is a tight window for a bill that still needs a full Senate floor vote, then a House vote, before heading to the president’s desk.

Senate Majority Leader John Thune recently told Republican lawmakers they would not finish their reconciliation package this month. That means the CLARITY Act is now competing for floor time with reconciliation talks, FISA issues, and a housing package.

Lummis Warns of China, 2030, and Legal Gaps

Senator Cynthia Lummis has been the bill’s loudest champion. She says if the US does not pass the CLARITY Act, other countries will set the rules for the next financial era.

Lummis says a failure this year would push the next real opportunity to 2030. She warns that until then, crypto developers would remain without legal protections and law enforcement without tools to go after bad actors.

The Senate Banking Committee advanced the bill in May with a 15-9 bipartisan vote. That was a win, but it is only one step in a longer process.

Banks Are Pushing Back

The bill’s path is not just a scheduling problem. JPMorgan CEO Jamie Dimon said banks will oppose the current version of the bill.

His objections center on two things. First, the bill lets crypto companies pay interest on user deposits. Second, he says crypto firms are not held to the same anti-money laundering and capital reserve standards as banks.

Where Things Stand Now

Treasury Secretary Scott Bessent has urged both chambers to move the bill forward. After his statement, Polymarket odds for CLARITY Act passage in 2026 climbed to 60%.

Senator Lummis has also tied the bill to President Trump’s broader crypto strategy, urging lawmakers to send it to his desk.

The next few weeks will show whether Congress can find the floor time to act.

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