Dimon Rejects CLARITY Act as Senate Eyes August Vote
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- JPMorgan CEO Jamie Dimon said Friday the banking industry would not accept the CLARITY Act as written, arguing it allows crypto companies to pay interest on user deposits and stablecoin balances.
- Senate lawmakers return this week with an opening to consolidate market structure legislation passed by the agriculture committee in January and the banking committee in May, with some in the chamber expecting a floor vote by August.
- White House crypto adviser Patrick Witt said in May that officials had targeted the July 4th holiday for the bill, but its readiness was unclear amid ethics pushback.
- Senator Kirsten Gillibrand warned in May that "there will be no one voting for this bill if we don't have an ethics provision," and the banking committee declined to take up amendments addressing ethics and conflicts of interest, with some Republicans calling it a matter for the full Senate.
- The Republican-led Senate would still need 60 votes to pass the bill, and Democrats including Senator Elizabeth Warren have seized on President Donald Trump's memecoin, his family's World Liberty Financial business, and other crypto ties as conflicts of interest.
- Polymarket bettors have wagered more than $1.1 million on the law's passage this year, with the prediction market showing a 55% chance at last check Monday.
- On Tuesday, the US Treasury Department, FDIC, FinCEN, and OFAC close public comments on the GENIUS Act — the stablecoin bill signed into law in July 2025 — marking its next implementation milestone.
Why it matters: Dimon's public rejection adds heavyweight banking opposition to a bill that already must clear a 60-vote Senate threshold and lingering ethics objections from Democrats troubled by Trump's crypto entanglements. The 55% Polymarket price captures just how uncertain passage remains, even as companion stablecoin rules under GENIUS quietly move forward on a separate regulatory track.
