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Lummis Blasts JPMorgan CEO Dimon, Says He Appears Not to Have Read CLARITY Act
JOON HYOUNG LEE
Summary
- US Senator Cynthia Lummis said Jamie Dimon, who criticized the CLARITY Act, appears not to have read the bill.
- Lummis said she disagrees with Dimon's claim that the CLARITY Act does not adequately address anti-money laundering (AML) and Bank Secrecy Act (BSA) issues.
- Lummis said the CLARITY Act includes provisions that would subject crypto companies to the same level of regulation as traditional finance (TradFi) institutions.
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US Senator Cynthia Lummis said Jamie Dimon, JPMorgan Chase & Co.'s chief executive officer, appears not to have read the CLARITY Act after he criticized the US crypto market structure bill.
In an interview with CNBC on June 3, Lummis said Dimon either had not read the bill or was trying to mislead people. Dimon recently argued that the CLARITY Act failed to adequately address anti-money laundering, or AML, and Bank Secrecy Act, or BSA, issues and offered little in the way of legal safeguards.
Lummis called those remarks "offensive." The bill includes provisions to subject crypto companies to the same level of regulation as traditional finance, or TradFi, institutions, she said.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
