JPMorgan Says CLARITY Act Is Near Completion as Final Issues Narrow

Highlights:

• JPMorgan says CLARITY Act talks have reached the final stage with only few issues left.
• Stablecoin rewards remained the biggest dispute, but lawmakers have narrowed the disagreement sharply.
• Clear U.S. crypto rules could move closer as political momentum builds around the bill.

JPMorgan says the long effort to create clear rules for the U.S. crypto market may now be close to ending. According to a Wednesday report cited by CoinDesk, the bank said talks around the CLARITY Act have reached the final stage. Lawmakers and industry groups are now discussing only a few remaining issues.

JPMorgan said the disagreements are now much smaller than before. Because of that, it believes the legal framework is close to being finalized. The CLARITY Act was introduced in the U.S. House on 29 May last year. It later passed the House of Representatives on 17 July, with bipartisan support in a 294-134 vote. However, it has not passed the Senate yet and has not become law.

The CLARITY Act is a major U.S. bill for crypto market rules. Its goal is to give crypto companies, investors, and regulators clearer rules. It explains how different digital tokens should be classified and which federal agency should regulate them.

A Congressional Research Service overview says the bill would give the Commodity Futures Trading Commission (CFTC) a leading role in overseeing digital commodities. At the same time, the Securities and Exchange Commission (SEC) would still keep authority over investment contract activity. The bill also creates a framework for crypto exchanges, brokers, and token issuers.

CLARITY Act Nears Completion as Final Issues Narrow

JPMorgan's latest report reveals that negotiations on the CLARITY Act have narrowed to just 2 to 3 unresolved issues, with one Senate staffer describing the draft as "very close," per CoinDesk.

The landmark legislation is… pic.twitter.com/eDg4HgahYk

— BSCN (@BSCNews) April 16, 2026

Stablecoin Debate Slowed the CLARITY Act

The biggest change now is that political momentum is improving. JPMorgan analysts said lawmakers have reduced the list of disputed issues. Earlier, they debated more than a dozen points. Now, they are focused on only two or three key sticking points.

The main dispute has centered on stablecoin rewards. The banks and crypto companies had spent months disagreeing over this issue. They argued over whether stablecoin issuers or crypto platforms should offer users interest-like returns or other rewards.

Banks said these products could move customer deposits away from traditional banks. Crypto firms said rewards help them compete and attract users. This dispute became one of the main reasons the broader bill lost momentum.

Timing and Politics Could Still Shift the Path

Even though the bill has made progress, it still faces some real challenges. Lawmakers have not released the final version of the bill yet. They also have not set a date for a vote. The 2026 midterm elections add more uncertainty.

If Democrats win back control of the House of Representatives, crypto policy may lose momentum as lawmakers shift their focus to other priorities. JPMorgan also noted that election-year politics often slow complicated bills. Still, the overall tone around the bill seems positive.

Industry groups, consumer advocates, and financial institutions have all taken part in the talks. That broad involvement could improve the chances of creating rules that work in the real world. Last week, Treasury Secretary Scott Bessent called on Congress to pass the CLARITY Act. He said the lack of clear crypto rules has pushed development and investment to overseas markets that offer more certainty.

🚨JUST IN: US TREASURY SECRETARY BESSENT DECLARES THE CLARITY ACT A NATIONAL PRIORITY

US Treasury Secretary, Scott Bessent, has stepped into the crypto regulation debate, framing the Clarity Act not as a financial matter but as a question of national security.

Writing in a… pic.twitter.com/9QOYUkqQqn

— BSCN (@BSCNews) April 9, 2026