Lummis Says Clarity Act Already Addresses Banks’ Concerns
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Senator Cynthia Lummis pushed back against JPMorgan Chase CEO Jamie Dimon’s criticism of the Clarity Act.
In a post on X on June 24, Lummis told Dimon to “sit on the beach over the Fourth of July holiday and read the bill himself.” She wrote that the concerns he raised are already addressed in Section 301 of the legislation.
The response followed Dimon’s recent opposition to the bill, arguing that stablecoin rewards programs could threaten banks’ deposit business.
Lummis said the measure includes 16 safeguards designed to prevent illicit finance and added that Dimon is simply mistaken.
Final negotiations are under way in the U.S. Senate over passage of the Clarity Act. The issue of allowing stablecoin-related yield has emerged as one of the biggest sticking points for banks.
Dimon previously warned that such reward structures could function much like deposit rates and cause customers to pull money from banks. He said banks would not accept the bill in its current form.
Supporters of the bill and the digital-asset industry, meanwhile, argue that the legislation already includes sufficient regulatory safeguards and consumer protection provisions. They also say many of the banking industry’s concerns have already been reflected in the measure.
