JPMorgan reports that the Clarity Act is approaching a breakthrough.

crypthub

about 11 hours ago

Legislative Progress

JPMorgan reports that negotiations on the U.S. crypto market structure bill have trimmed disputed items from dozens to just two or three. The Clarity Act is now in its final stretch, with most major points resolved. Lawmakers must move the bill through the Senate Banking Committee by mid‑May to avoid a delay beyond the Memorial Day session. Failure to meet that window could push final approval to 2027.

Stablecoin and DeFi Issues

Stablecoin rewards, once a major obstacle, are now positioned in a more workable framework after banks raised deposit‑taking concerns. Discussions have also narrowed outstanding questions on DeFi oversight and token classification. These remaining topics will shape the bill’s final language but are expected to be settled quickly.

Regulatory Structure

The Act proposes a split of digital‑asset oversight between the SEC and the CFTC, defining each agency’s role. It outlines how stablecoins and decentralized finance platforms fit within existing financial rules. JPMorgan believes the draft could attract both crypto firms and traditional institutions.

Timing and Political Pressure

Senator Cynthia Lummis warns that missing the Senate deadline before the 2026 election could stall the bill for years. Treasury Secretary Scott Bessent urges federal rules to keep crypto investment in the United States. Ongoing debates focus on agency jurisdiction, stablecoin rewards, and DeFi provisions.