REGULATION | America’s Largest Bank Says the CLARITY Act Crypto Legislation is Nearing a Breakthrough
JPMorgan analysts said U.S. lawmakers are nearing a breakthrough on crypto legislation, with negotiations over the Digital Asset Market Clarity Act entering their final stage as key disputes around stablecoin regulation are resolved.
The bank said disagreements have been narrowed from more than a dozen issues to just a few remaining sticking points, including rules around stablecoin rewards and oversight.
Talks between policymakers have made significant progress with a bipartisan compromise emerging on stablecoin-related provisions, long a source of tension between crypto firms and traditional banks.
Stablecoin yield has been a central issue as banks have raised concerns that allowing interest-like returns could draw deposits away from the traditional financial system.
JPMorgan said the legislation is ‘very close’ to completion though a final agreement has yet to be reached and no vote has been scheduled.
If passed, the bill would establish a clearer regulatory framework for digital assets in the United States including defining oversight roles between regulators and setting rules for stablecoins and decentralized finance.
However, the bank warned that the timeline remains uncertain with upcoming U.S. midterm elections posing a potential risk to final passage.
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