Sen. Cynthia Lummis warned this week that Congress may lose its best chance to pass a federal crypto framework for years if the Digital Asset Market CLARITY Act stalls — potentially not getting another real opportunity until 2030. In a post on X, the Wyoming Republican said lawmakers face a narrow window to move the bill before election politics and legislative delays push digital-asset policy off the agenda. “Developers need clear rules instead of legal uncertainty, while enforcement agencies need a defined framework for digital‑asset crime,” Lummis wrote, arguing the CLARITY Act would protect builders and give law enforcement the tools to pursue illicit activity. What the CLARITY Act would do - Establish a federal structure for crypto oversight: classify digital assets, assign supervisory authority to regulators, and set obligations for exchanges, developers, stablecoin issuers and other market participants. - Supporters — including many crypto firms — say clear, uniform federal rules would keep crypto activity and innovation in the U.S. rather than pushing it offshore. Where the bill stands - The House has already passed the legislation with bipartisan support. - In the Senate, the Banking Committee advanced an amended version in a 15–9 bipartisan vote, but the measure still needs enough votes to clear the Senate floor (where most major bills require 60 votes) and must be reconciled with the House version before reaching the White House. - Lummis warned the timetable matters: the 2026 midterms and subsequent legislative priorities could make the next practical window for major crypto legislation as late as 2030. Points of contention - Senators have debated revisions covering stablecoin rules, banking interactions and agency authority. Banks, crypto firms and regulators disagree on how far protections and exemptions should go. - JPMorgan CEO Jamie Dimon publicly criticized parts of the bill, saying banks would oppose it unless key sections are revised. Dimon raised concerns that the bill could allow crypto firms to offer rewards on stablecoin holdings that resemble bank deposit interest — products he believes need stronger legal protections, anti‑money‑laundering controls and Bank Secrecy Act compliance. - Banks warn that deposit‑like stablecoin rewards could siphon funds from traditional lenders. Crypto companies such as Coinbase counter that customers should be able to receive benefits from regulated digital‑asset products. Administrative action vs. legislation - The White House has expressed support for the CLARITY Act, and senior figures including Treasury Secretary Scott Bessent have backed digital‑asset legislation. Former SEC Chair Paul Atkins has also said Congress can still pass a crypto bill for the president. - Meanwhile, federal agencies continue to shape crypto policy through guidance, approvals and no‑action letters. Lummis argues those measures are fragile: agency positions can change with administrations and don’t provide the lasting certainty businesses say they need. Why it matters Lummis frames the CLARITY Act as a test for Congress: if it fails, developers, exchanges, stablecoin issuers and enforcement agencies could be left without a durable federal rulebook for years — with legal uncertainty and piecemeal regulatory enforcement continuing to define the U.S. crypto landscape. The next clear legislative opportunity, she warns, may not come until 2030. Read more AI-generated news on: undefined/news