JPMorgan says the U.S. crypto market structure bill is moving closer to completion as lawmakers narrow down the remaining areas of disagreement.
According to the bank’s latest report, negotiations have reduced the list of disputed issues from more than a dozen to just two or three. The update points to a shift in the legislative process, with stablecoin regulation, one of the most debated areas, now said to be in a better position.
The timing now carries added weight. The bill must clear the Senate Banking Committee by mid-May to reach the Senate floor before Memorial Day. However, Senator Moreno has warned that if lawmakers fail to meet that window, the measure could be delayed until 2027.
JPMorgan says Clarity Act is nearing a breakthrough
JPMorgan reported that discussions in Washington show the Clarity Act is in its final stretch. A senior policy official said only a few matters remain unresolved, down from earlier stages of the talks. That shift implies lawmakers have made progress on the main points that had slowed the bill.
One of those points involved stablecoin rewards. For months, that debate remained a major obstacle as banks raised concerns that such features could resemble deposit-taking without the same safeguards. JPMorgan said the latest proposals now place that issue in a more workable position.
In addition, the officials involved in the discussions have also described the draft as very close to completion. The remaining questions reportedly focus on DeFi oversight and token classification, both of which continue to shape the final language of the bill.
Clarity Act focuses on regulatory structure
The Clarity Act aims to set out how digital assets should be regulated in the United States. At the center of the proposal is the division of oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. That split has remained one of the most important parts of the broader legislative effort.
The bill also addresses how stablecoins and decentralized finance platforms would fit within existing financial rules. These provisions have drawn close attention because they would help define how key parts of the digital asset sector operate under federal oversight.
JPMorgan said current proposals could appeal to both crypto firms and traditional financial institutions. Even so, the final legislative text has not been released, and no formal vote has been scheduled.
Deadline pressure builds around Senate action
The bill’s path now depends on the timing. According to a Cryptopolitan report, Senator Cynthia Lummis has warned that if the Senate does not act before the 2026 election cycle changes the political landscape, the Clarity Act could face a delay lasting several years. Her comments have added pressure to ongoing negotiations in Washington.
In addition, Treasury Secretary Scott Bessent has also called for federal digital asset rules, arguing in a Wall Street Journal op-ed that regulation is important for attracting and retaining crypto investors in the United States. Meanwhile, debate continues around agency jurisdiction, stablecoin rewards, and DeFi provisions.
