Negotiations on the CLARITY Act — the key bill for the digital assets market — have accelerated in Washington. According to JPMorgan, the document is close to the final stage: the number of contentious issues has been reduced to two or three topics, and the discussion on stablecoins has become noticeably more constructive.
For the market, this is an important signal. It's no longer about a concept, but about an almost ready regulatory model that will define the rules of the game for the industry in the USA.
The bill has entered the final stage
The main change is in the dynamics of negotiations. While earlier discussions were stalled by dozens of disagreements, now it is about a few remaining questions.
This changes the market perception. When the number of contentious points decreases, investors begin to assess not the likelihood of the law but its consequences.
This is fundamental for the industry. There is an understanding that rules can indeed be established.
The division of powers is becoming key
One of the central tasks of the law is to determine who regulates digital assets. It is about the division of powers between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Currently, this issue remains unclear. Companies operate in an environment of uncertainty, where different regulators may interpret the same asset differently. The CLARITY Act is supposed to close this gap. That is what makes it critically important for the market.
Stablecoins remain at the center of the dispute
The most sensitive issue is the rewards for stablecoins. The banking sector fears that such mechanisms could replicate deposit products without banking regulation.
Crypto companies, in turn, are interested in maintaining profitability for users. This makes the topic a key point of conflict. Currently, the parties are approaching a compromise. This is one sign that the law may indeed be passed.
DeFi remains the most complex block
If progress on stablecoins is evident, the decentralized finance segment raises more questions.
Lawmakers need to integrate DeFi into the existing regulatory framework without destroying the model itself. This is a complex task. This is where the main risk of delaying the process is concentrated. Defining the status of protocols and tokens remains contentious.
The market has a chance for compromise
Against the backdrop of political division in the U.S., the CLARITY Act appears to be a rare example of an issue where a bipartisan outcome is possible.
It’s not about full agreement. But the participants in the process are willing to make concessions to create a working system. This changes the overall background. The law begins to be perceived as a realistic scenario, not just another attempt at reform.
Why does JPMorgan talk about 'almost ready rules'?
For large financial institutions, it is not about an ideal law, but a clear one. The mere fact that key issues are almost agreed upon is already considered a breakthrough.
The market is gaining structure. A model is emerging on which to build a business. This is especially important for institutional investors. Without clear rules, they are not ready to scale their participation.
The main risk is the time factor
Despite the progress, the passage of the law is not guaranteed. The final text has not yet been published, and the vote has not been scheduled.
The key risk is the political calendar. If the process drags on, the law may end up in a more complicated pre-election environment. In this case, Congress's priorities may change. The pace of reform will slow down.
What does this mean for the market
Even without final approval, the law is already affecting the market. Companies are beginning to factor future rules into their strategies.
There is an opportunity for planning. This reduces the level of uncertainty. Players focused on compliance will benefit. For them, the new law will be an advantage.
What’s next?
The next stage is the publication of the final version and closing the remaining contentious issues. If a compromise is reached, the market will receive the long-awaited regulatory framework.
This will be a turning point. The crypto market in the U.S. will move from uncertainty to a system of rules. While the process is not complete. But for the first time in a long time, it looks close to the finish line.
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