The CLARITY Act makes a breakthrough! JPMorgan: The legislative draft is "close to completion"

The long-awaited “CLARITY Act” for the U.S. cryptocurrency industry finally brings good news. JPMorgan’s latest report indicates that legislative negotiations for the “CLARITY Act” are nearing completion, and all parties are expected to reach a final agreement in the near future.
In a report on Wednesday, JPMorgan stated that discussions between lawmakers and regulators show that the bill is close to completion, with only a few disputes remaining unresolved.
A senior policy official revealed that the list of issues, which initially included more than a dozen disputes, has now been reduced to just “2 to 3 items”; as for the previously heated debate over “stablecoin yields,” it is now moving in an optimistic direction.
The three core aspects of the “CLARITY Act”: Jurisdiction, Stablecoins, DeFi
The “CLARITY Act” aims to bring a clearer regulatory framework to the cryptocurrency industry, including the division of jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as explicit regulations for stablecoins and decentralized finance (DeFi) platforms.
Members of Congress involved in drafting the bill are highly optimistic about it. The report quotes an insider Senate staffer who said that the legislative draft “is close to completion,” with only a few issues remaining, such as DeFi regulation and token classification, which are expected to be resolved in the short term.
One of the most controversial points of the bill overall is whether to allow stablecoin issuers to offer users rewards similar to yields. This proposal has faced strong opposition from traditional finance, with banks questioning whether this move is akin to operating a “deposit-taking” business without equivalent regulation, in an environment where such activities are unregulated and proliferating.
However, JPMorgan remains optimistic that the latest version of the draft could gain support from both the cryptocurrency industry and traditional financial institutions.
Election Variables May Delay Legislation Progress
Despite the progress, the path to passing the “CLARITY Act” is not without risks. The final text of the bill has not yet been officially released, and Congress has not set a specific timetable for voting. Some policy experts warn that delays in legislation could push the bill into a more uncertain political environment.