The Clarity Act, which has been pending for months, may now be nearing completion. The passage of the Clarity Act, the most important cryptocurrency law in the US, which pits the banking and cryptocurrency sectors against each other, may be imminent.
According to Coindesk, JPMorgan analysts stated that significant progress has been made in recent days regarding the Clarity Act.
JPMorgan said the CLARITY Act is nearing completion and has entered the final stages of negotiations.
Analysts say that most of the issues have been resolved, with only 2-3 unresolved topics remaining.
At this point, JPMorgan stated that the disagreements regarding stablecoin interest payments and regulatory authority have largely been resolved. Interest payments on stablecoins were one of the most significant points of contention in the bill. US banks initially opposed allowing interest payments.
JPMorgan even added that a recently proposed amendment to the Clarity Act could receive support from both the cryptocurrency industry and traditional financial firms.
However, JPMorgan anticipates that the outcome of the US midterm elections could delay legislation related to cryptocurrencies and follow-up discussions on the Clarity Act.
“If the law isn’t passed before the midterm elections, the process will drag on much longer.”
*This is not investment advice.