The long-awaited bill called Clarity Act for the digital asset industry in the USA has once again become a top agenda item in Washington. In the report published by JPMorgan on Wednesday, it was stated that the preparation of the bill has reached an advanced stage and the number of remaining disputes has decreased significantly.
Critical issues are resolved in the bill
According to JPMorgan’s assessment, the content of the Clarity Act has begun to become clear in recent meetings between lawmakers and regulatory agencies. While a senior policy official emphasized that only 2-3 of the approximately 12 controversial items were still on the agenda, he stated that an agreement was approaching between the parties, especially on the rewards provided to stablecoins.
The Clarity Act aims to clarify the framework for regulating digital assets in the United States. The bill focuses on issues such as how the supervisory powers of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will be distributed, and how stablecoins and decentralized finance platforms will be evaluated according to existing financial rules.
The positive comments of the lawmakers in the Senate about the process are noteworthy. While a Senate advisor close to the legislative process said that the bill text could now be “completed very soon,” he also stated that some remaining questions regarding auditing and token classification in the DeFi field could be resolved in a short time.
Banks’ reservations in the stablecoin debate
One of the most controversial parts of the bill revolves around whether stablecoin issuers will be allowed to offer yield-like rewards to their users. Banks are hesitant, arguing that such reward mechanisms may pose risks similar to deposit collection. However, the JPMorgan report assessed that the latest proposals may also attract the support of crypto companies and traditional financial institutions.
“It seems that significant progress has been made, especially in the discussions regarding stablecoin rewards, and that a bridge can be built between the parties in legislation.”
Political calendar and uncertainties affect the process
While the consensus on the bill is increasing, some risks are also drawing attention in the future. The final text of the bill has not yet been published and an official voting date has not been set. In terms of timing, some policy experts say delays could push the bill into a more uncertain political environment.
JPMorgan stated that uncertainties continue for the midterm elections to be held in 2026 and that there is a possibility that Democrats will regain the majority in the House of Representatives. If this scenario were to occur, crypto asset regulations could take a backseat to political priorities and make progress even more difficult.
Despite all these developments, a consensual approach is observed among sector representatives. One policy advisor’s words that “there is no such thing as a perfect law” indicated the parties’ willingness to achieve a long-term and workable regulatory framework.
If the Clarity Act is implemented, a historic step will be taken towards the integration of the US financial system with digital assets. The legal clarity that the industry has been demanding for a long time will be provided with this regulation.
