Sen. Lummis Fires Back At JPMorgan CEO Over CLARITY Act

Senator Cynthia Lummis has hit back at JPMorgan Chase CEO Jamie Dimon over his criticism of the CLARITY Act, the sweeping crypto market structure bill currently advancing through the US Senate. Speaking on CNBC, Lummis called Dimon's criticism of the bill "absolutely wrong," contending that the banking executive has not read the legislation.

AML Provisions at the Heart of the Dispute

Dimon had slammed the proposed CLARITY Act and crypto stablecoins for lacking adequate anti-money laundering (AML) and Bank Secrecy Act (BSA) protections. He also argued that the bill "allows cryptocurrency firms to effectively pay interest on deposits, stablecoins or something like that, without the protection that they should have."

Lummis rejected that reading outright. She said the CLARITY Act contains more than 1,600 references to AML and BSA provisions, and that those requirements would continue to apply to digital-asset activities under the bill's structure. She defended the legislation's inclusion of bank-level AML and compliance obligations for digital asset firms, brokers, exchanges, and stablecoin issuers.

The dispute also turned personal. Dimon aimed at Coinbase CEO Brian Armstrong, calling him "full of sh*t" and vowing to fight the legislation. Lummis criticized those remarks, saying she found Dimon's comments about Armstrong "distasteful."

What Comes Next for the CLARITY Act

The CLARITY Act passed the House in 2025 and cleared the Senate Banking Committee in May 2026. It seeks to establish clearer jurisdictional boundaries between the SEC and the Commodity Futures Trading Commission (CFTC) for digital assets.

Lummis also discussed what comes next for the bill, saying the Senate is working toward combining different components of the overall package, specifically merging the CLARITY Act's SEC-related provisions with commodity market elements developed through the Senate Agriculture Committee.

Lummis has warned that if the CLARITY Act is not enacted in 2026, the chance to pass such legislation could slip until as late as 2030. Even so, the banking industry has signaled strong opposition to the current draft, with Dimon publicly warning that banks are unlikely to accept a version that allows certain crypto activities to operate without the same oversight they face.

Sources:
Yahoo News: Senator Lummis Says Jamie Dimon Is 'Absolutely Wrong' On CLARITY Act
The Block: Sen. Lummis Says JPMorgan CEO Jamie Dimon Hasn't Read Clarity Act
Crypto.news: Dimon's Clarity Act Criticism Sparks Fierce Response From Sen. Lummis