The CLARITY Act breakthrough: Why JPMorgan says the U.S. crypto rulebook is ‘close to completion’
Analysts at the bank say negotiations for the CLARITY Act are reaching a final breakthrough as lawmakers resolve long-standing disputes over stablecoin rewards and agency oversight.
What to know:
- Lawmakers and regulators in Washington are nearing agreement on the long-debated CLARITY Act, with only a few unresolved issues remaining, according to a JPMorgan report.
- The bill would define how digital assets, including stablecoins and decentralized finance platforms, are regulated and how oversight is divided between the SEC and CFTC.
- While key questions remain over stablecoin rewards and DeFi oversight, bipartisan compromise appears to be emerging, though election-year timing could still delay passage and reshape legislative priorities.
One senior policy official noted that the list of contentious items has narrowed from roughly a dozen to just “2–3 issues,” while debate around stablecoin rewards is now “in a good place.”
The CLARITY Act is designed to define how digital assets are regulated in the U.S., including how oversight is divided between agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also addresses how stablecoins and decentralized finance platforms should be treated under existing financial rules.
Lawmakers involved in the discussions struck an optimistic tone. A Senate staffer familiar with the process said the draft legislation is “very close,” with remaining questions around areas like DeFi oversight and token classification potentially resolved in the near term, according to the report.
