Discussions around the US Clarity Act have narrowed sharply, according to JPMorgan, with a senior policy official saying only 2 or 3 of the original 12 disputed topics remain unresolved. One of the clearest signs of movement is on stablecoin-related rewards, where the parties are said to be close to an agreement.
Most major regulatory questions have been clarified
The Clarity Act is designed to set a defined framework for digital asset regulation in the United States. Its main focus includes the division of authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission, along with the treatment of stablecoins and DeFi platforms inside the broader financial system. Signals from senators involved in the process have been constructive. A Senate advisor working closely on the bill said it could be finalized “very soon,” and indicated that remaining questions, especially those tied to DeFi oversight and token classification, may also be settled soon.
Banks remain cautious on stablecoin reward structures
One of the hardest-fought sections concerns whether stablecoin issuers should be allowed to offer users rewards that resemble interest. Banks have pushed back on that idea, arguing such structures may create risks comparable to deposit-taking. JPMorgan said the latest proposals may still be capable of winning support from both crypto companies and traditional financial institutions. Policy experts following the negotiations also said the talks on stablecoin rewards have made visible progress, with the legislation appearing to move toward a compromise between competing stakeholders.
No final text yet, and politics could still slow the bill
Even with broad areas moving closer to consensus, the final legislative text has not been published and no official vote has been scheduled. Some policy specialists have warned that more delay could place the act in a less predictable political setting. JPMorgan pointed to uncertainty around the 2026 midterm elections, including the possibility that Democrats could regain a majority in the House of Representatives. If that happens, lawmakers have warned that crypto regulation may lose priority against other political issues.
Even so, industry participants are still described as taking a cooperative approach. One policy advisor involved in the process said that “there’s no such thing as a perfect law,” reflecting an effort to secure a practical regulatory structure that can hold over time. If enacted, the Clarity Act would answer a longstanding demand from the crypto sector for clear rules and would place digital assets on firmer ground inside the US financial system.