Sen. Cynthia Lummis (R-Wyo.) on Wednesday said the Senate is preparing to move forward with crypto market structure legislation in July, pushing back against criticism from JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon.

Lummis Responds To Jamie Dimon

Speaking on Fox Business’ Mornings with Maria, Lummis said lawmakers have spent months negotiating what is expected to become the Senate’s version of the CLARITY Act.

"We’re finally to the point where we’re going to put out a text over the July 4^th and then we’re moving in July."

Dimon recently criticized crypto market structure proposals, arguing they could allow crypto companies to offer rewards that resemble interest-bearing bank deposits without the same regulatory protections.

Lummis rejected that characterization and believes that Mr. Dimon is mistaken about the CLARITY Act.

Lawmakers revised Section 301 of the bill to address concerns from banks about stablecoin issuers offering products that function like deposit accounts.

She said the legislation allows rewards programs but prohibits benefits tied directly to account balances in a way that resembles traditional bank interest.

Global cryptocurrency markets are trading around 2.8% lower at the time of writing, driven by Bitcoin (CRYPTO: BTC) plunging to $60,000

AML, DeFi And Ethics Provisions Still Under Discussion

Lummis said negotiators are still working through provisions involving decentralized finance, illicit finance prevention and ethics language. She added that the bill now includes multiple anti-money laundering protections.

Beyond crypto legislation, Lummis highlighted her efforts to accelerate artificial intelligence infrastructure development in the U.S.

She argued that large AI data centers are essential to maintaining American competitiveness and called for regulatory frameworks that prevent residential electricity customers from subsidizing power-intensive AI facilities.

“We desperately need to be the leader in artificial intelligence,” Lummis said.

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