Lummis, White House adviser defend CLARITY Act as JPMorgan flags 2025 hurdles
Senator Cynthia Lummis and White House adviser Patrick Witt backed the U.S. crypto market-structure bill after Senate Banking Committee approval, while JPMorgan analysts said obstacles are lowering the odds of passage this year.
U.S. Senator Cynthia Lummis and White House chief crypto adviser Patrick Witt defended the CLARITY Act against criticism over stablecoin yield, investor protections and anti-money laundering standards, while JPMorgan analysts said multiple obstacles are reducing the likelihood that the U.S. crypto market-structure bill passes in 2025. The legislation cleared the Senate Banking Committee by a 15-9 vote on May 14, but analysts led by JPMorgan managing director Nikolaos Panigirtzoglou said significant barriers remain despite White House support. Lummis called JPMorgan CEO Jamie Dimon’s remarks about Coinbase CEO Brian Armstrong and the bill “offensive,” saying he either had not read the legislation or was intentionally misleading the public. Witt described the measure as “pro-regulation” and “pro-law enforcement,” and Lummis warned that if Congress does not advance it this year, serious consideration may not resume until after 2030.
- CLARITY Act: A U.S. digital-asset market-structure bill intended to set clearer rules for crypto markets.
- AML: Anti-money laundering rules to detect and prevent illicit finance.
- Bank Secrecy Act: U.S. law requiring financial crime reporting and recordkeeping.