JPMorgan Chase: Negotiations on the "CLARITY Act" Have Entered Final Stage, Controversy Reduced to 2-3 Core Issues

On April 16, a JPMorgan Chase analyst stated that negotiations over the U.S. “Cryptocurrency Market Structure Act” (known as the CLARITY Act) have entered the final stage, with both sides compromising on the few remaining contentious points. The number of current disputes has dropped from more than a dozen to 2–3 core issues, and discussions on stablecoin regulation are “in a good place.” While banks have raised concerns about stablecoins offering bank-like interest rates, a bipartisan compromise is emerging overall. JPMorgan Chase noted there is “no perfect bill,” and if passed, the legislation will provide critical regulatory clarity for integrating digital assets into the U.S. financial system. The CLARITY Act is currently in advanced negotiations in the U.S. Senate. Senate staff have said the draft is “very close” to being finalized but have not released the final text or scheduled a formal vote. Major remaining disagreements center on stablecoin regulation, DeFi oversight, and token classification. Despite growing optimism, there is a risk of delay due to the impact of the 2026 midterm elections, which could leave the bill in a more uncertain political environment. If the bill passes, it will delineate regulatory authority between the SEC (U.S. Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission), establishing a long-term framework for stablecoins, DeFi, and the entire crypto industry.