The US is nearing a major milestone in its crypto regulatory framework, with JPMorgan indicating that the CLARITY Act is close to being finalized. Negotiations among lawmakers and regulators have made significant progress, with only a few issues remaining unresolved.
A senior policy official noted that the list of contentious items has been narrowed down from around a dozen to just 2-3 issues, with the debate around stablecoin rewards now 'in a good place.' The CLARITY Act aims to provide clarity on the regulation of digital assets in the US, including the division of oversight between agencies such as the SEC and CFTC. It also addresses the treatment of stablecoins and decentralized finance platforms under existing financial rules.
Lawmakers involved in the discussions are optimistic, with a Senate staffer stating that the draft legislation is 'very close' to being finalized. However, the path forward is not without risk, and the final legislative text has yet to be released. JPMorgan notes that the outlook for the 2026 midterm elections remains mixed, which could impact the priority of crypto legislation. Despite this, stakeholders appear willing to compromise to establish a workable framework, with one policy advisor stating that 'there is no such thing as a perfect bill.' If passed, the CLARITY Act would mark a significant step towards integrating digital assets into the US financial system, providing the regulatory clarity that industry participants have been seeking for years.