Summary
- JPMorgan said negotiations over the US crypto market structure bill (the Clarity Act) have entered the final stage.
- JPMorgan said differences over stablecoin interest payments and supervisory authority have largely been resolved.
- JPMorgan said further debate over the Clarity Act could be delayed depending on the outcome of the US midterm elections in November.
Forecast Trend Report by Period
JPMorgan said negotiations over the US crypto market structure bill known as the Clarity Act have entered the final stage.
CoinDesk reported on July 15 that JPMorgan said in a report the legislation is nearing completion. The bank said the key sticking points have narrowed to two or three issues, and that differences over stablecoin interest payments and supervisory authority have largely been resolved.
Stablecoin interest payments have been one of the central issues in the debate over the Clarity Act. US banks had previously opposed allowing interest payments on stablecoins.
JPMorgan said a recently proposed amendment to the Clarity Act could win support from both the crypto industry and traditional finance. CoinDesk, citing a US Senate official, also reported that discussions have effectively entered the final stretch.
Still, one key variable remains: the US midterm elections in November. JPMorgan said that if Democrats regain control of the House, crypto legislation could slip down the priority list, delaying further debate over the Clarity Act.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
