Lummis Says Clarity Act Already Covers Dimon’s Banking Concerns

Sen. Cynthia Lummis pushed back on 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.” The concerns he raised are “addressed directly in Section 301 of the bill,” she wrote.

The comments came after Dimon opposed the Clarity Act, arguing that stablecoin rewards programs could threaten banks’ deposit businesses.

Lummis said the bill includes 16 safeguards aimed at preventing illicit financial activity. Dimon is simply misinformed, she added.

Last-minute negotiations are underway in the U.S. Senate over passage of the Clarity Act. One of the biggest sticking points for banks is whether the bill would allow stablecoin yield.

Dimon has warned that banks would not accept the bill in its current form because stablecoin reward structures could function like deposit rates and pull customers away from traditional deposits.

The digital-asset industry and lawmakers backing the measure counter that it already includes sufficient regulatory safeguards and consumer-protection provisions, and that many of the banking sector’s concerns have been addressed.