The US is moving closer to establishing a clear regulatory framework for digital assets, with JPMorgan indicating that the CLARITY Act is nearing completion. Recent discussions among lawmakers and regulators suggest that only a few issues remain unresolved.
A senior policy official noted that the number of contentious items has decreased significantly, from around a dozen to just 2-3, with the debate over 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, as well as the treatment of stablecoins and decentralized finance platforms. Lawmakers involved in the discussions are optimistic, with a Senate staffer stating that the draft legislation is 'very close' to being finalized. However, the issue of whether stablecoin issuers should be allowed to offer yield-like rewards to users remains a point of contention. The latest proposals may find support from both crypto firms and traditional financial institutions, but the path forward is not without risk.
The final legislative text has yet to be released, and no formal vote has been scheduled. Additionally, the outcome of the 2026 midterm elections could impact the priority given to crypto legislation. Despite these challenges, stakeholders appear willing to compromise in order to establish a workable framework.
If passed, the CLARITY Act would represent a significant step towards integrating digital assets into the US financial system, providing the regulatory clarity that industry participants have been seeking for years.