According to Wyoming Senator Cynthia Lummis, the United States will lose its leadership position in the cryptocurrency industry to other countries, including China, if US lawmakers fail to pass the Digital Assets Market Transparency Act (CLARITY), a bill that structures the cryptocurrency market.

Enacting a comprehensive regulatory framework for cryptocurrencies would “ensure” that other countries “don’t write the rules of the next financial era”, Lummis he said. She added a separate X post: :

“America has built a dollar-dominated financial system that has anchored global stability for a century. The Transparency Act ensures we build the next one. The time to act is now, before Beijing decides it will.”

In May, the Senate Banking Committee voted in favor of the CLARITY Act after legislation stalled for months, the recovering crypto industry hopes the bill will be codified into law in 2026.

Source: Senator Cynthia Lummis

The Cryptocurrency Market Structure Act is one of the most critical pieces of cryptocurrency regulation in the US, but it is unclear whether it will be adopted. entered into force in 2026 as a result opposition from the banking lobby and the upcoming US midterm elections.

Related: “We’re so close this time” – Senator Lummis on the Market Structure Act

JPMorgan CEO says banks will oppose CLARITY as window to cross narrows

JPMorgan CEO Jamie Dimon said Friday that banks will do so oppose the latest version of the bill as it still allows crypto companies to pay interest on user deposits.

He added that the current version of the CLARITY Act does not impose the same anti-money laundering (AML) and capital reserves requirements on crypto companies that banks must follow.

Full text of the CLARITY Act. Source: US Congress

“Banks will not accept it this way,” Dimon said, adding that banks would continue to “fight” the bill. Dimon was critical of cryptocurrency exchange Coinbase and its CEO Brian Armstrong’s efforts to pass the bill.

“No one will bow down to this guy or this company” – Dimon he said. Meanwhile, the window to pass the CLARITY Act is shrinking as the United States enters the midterm election period.

If the bill isn’t signed into law in 2026, it’s time to adopt the legislation it may not reappear until 2030Senator Lummis warned.

Warehouse: Will the CLARITY Act be good – or bad – for DeFi?

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