Summary
- JPMorgan said discussions on the US crypto market structure bill, the Clarity Act, have entered the final stage.
- JPMorgan said disagreements over stablecoin interest payments and supervisory authority have largely been resolved.
- JPMorgan said the outcome of the US midterm elections could delay crypto-related legislation and follow-up discussions on the Clarity Act.
Forecast Trend Report by Period
JPMorgan said negotiations over the Clarity Act, a US crypto market structure bill, are entering their final phase.
CoinDesk reported on November 15 that JPMorgan said in a report the legislation is nearing completion. The bank said the remaining sticking points have been narrowed to two or three issues, with disagreements over stablecoin interest payments and supervisory authority largely resolved.
Interest payments on stablecoins have been one of the central disputes surrounding the bill. US banks had previously opposed allowing such payments.
JPMorgan also said a recently proposed amendment to the Clarity Act could win support from both the crypto industry and traditional financial firms. CoinDesk, citing a US Senate official, separately reported that discussions on the bill are effectively in their final stage.
Uncertainty remains, however. JPMorgan identified the US midterm elections in November as a key variable. If Democrats regain control of the House of Representatives, crypto legislation could become less of a priority, delaying follow-up discussions on the Clarity Act.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
