Finally settled, Qiao? JPMorgan: Negotiations on the Crypto Market Structure Law CLARITY draft are nearing completion

JPMorgan said that negotiations on the U.S. 《CLARITY Act》 have nearly reached the end, with the core disputes narrowed down to 2 to 3 items, and that the “stablecoin yield” issue is developing optimistically.

The long-awaited 《CLARITY Act》 from the U.S. crypto industry has finally brought good news. JPMorgan’s latest report indicates that legislative negotiations on the 《CLARITY Act》 are close to being completed, and all parties are expected to reach a final agreement in the short term.

In its Wednesday report, JPMorgan said that discussions between lawmakers and regulators show the bill is nearing completion, with only a few disputes still unresolved.

A senior policy official revealed that the list of dispute items, which initially numbered as many as a dozen, has now been reduced to just “2 to 3”; as for the previously highly contentious “stablecoin yield” issue, it is also developing in an optimistic direction.

Three Core Pillars of the 《CLARITY Act》: Jurisdiction, Stablecoins, DeFi

The 《CLARITY Act》 is intended 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), while also setting out clear rules for stablecoins and decentralized finance (DeFi) platforms.

Members of Congress involved in drafting the bill are highly optimistic about it. The report quotes a Senate aide familiar with the situation as saying that the legislative draft is “close to completion,” with only a handful of issues remaining, such as DeFi regulation and token classification, which are expected to be resolved in the short term.

Taking the whole bill into account, one of the most controversial focal points is whether stablecoin issuers will be allowed to offer users incentives similar to yields. This proposal has previously faced strong backlash from the traditional financial industry. Banks have questioned whether this is tantamount to conducting a “deposit-taking” business without equivalent regulation being in place.

However, JPMorgan is optimistic that the latest version of the draft could win support from both the cryptocurrency industry and traditional financial institutions.

Election variables may delay legislative progress

Although progress is going smoothly, the path for the 《CLARITY Act》 is not foolproof. The bill’s final text has not yet been officially released, and Congress has not scheduled a specific voting timeline. Some policy experts warn that if legislation is delayed, the bill could be pushed into a more uncertain political environment.

JPMorgan points out that the outlook for the 2026 midterm elections is unclear, and market expectations are that the Democratic Party may regain control of the House of Representatives. Once Congress’s political map is reshuffled, crypto legislation may lose priority and slow down the bill’s progress.

• This article is reprinted with authorization from: 《BlockBeats》
• Original title: 《Breakthrough Progress on the 《CLARITY Act》! JPMorgan: Legislative Draft “Close to Completion”》
• Original author: Block Sister MEL