Sen. Lummis to drop final CLARITY Act text over July 4th weekend, Senate vote expected in July

Senator Cynthia Lummis (R-WY) announced on June 24 that the final text of the Digital Asset Market Clarity Act, better known as the CLARITY Act, will be published over the July 4th weekend. A Senate floor vote is expected to follow in July.

What the CLARITY Act actually does

Under the framework, the Commodity Futures Trading Commission takes over as the primary regulator for digital commodities. The Securities and Exchange Commission keeps a limited role, covering the securities side of the industry.

For developers, the bill addresses legal uncertainty around writing code. Lummis has said the act eliminates the need for developers to consult lawyers every time they want to know whether their code is legal.

The bill also tackles anti-money laundering rules and developer liability.

Lummis specifically invited JPMorgan CEO Jamie Dimon to read Section 301 of the bill over the holiday weekend, saying his concerns about the legislation have been addressed.

A long road to the Senate floor

The CLARITY Act is designated H.R. 3633. The House passed the bill in July 2025 with a bipartisan vote of 294-134. The Senate Banking Committee then advanced the bill in May 2026, with a 15-9 markup vote, reported on June 1.

The legislation builds on years of prior work by Lummis and Senator Kirsten Gillibrand (D-NY). Lummis chairs the Senate Banking Subcommittee on Digital Assets.

What this means for investors and the industry

If the CLARITY Act passes, it formally answers which assets are commodities, which are securities, and who has authority over each. For exchanges, custodians, and issuers, knowing which rulebook applies determines product design, disclosure requirements, and operational costs.

A 15-9 committee vote leaves room for amendment or failure on the floor. There is also the question of whether a final text that satisfies skeptics like Dimon also satisfies the crypto-native community, which has its own concerns about how the framework handles decentralized protocols and developer liability.

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