BroadChain has learned that, according to a CoinDesk report on April 16, JPMorgan analysts stated that negotiations for the U.S. "Cryptocurrency Market Structure Act" (the CLARITY Act) are in their final stages. Both sides are working to compromise on the few remaining contentious points, having narrowed the disputes from over a dozen down to just two or three core issues. Discussions on stablecoin rewards are reportedly "progressing well."
Although banks have raised concerns about stablecoins offering deposit-like yields, the overall negotiations reflect a spirit of bipartisan compromise. JPMorgan analysts noted that "no bill is perfect," and argued that once passed, the legislation would provide crucial regulatory clarity for integrating digital assets into the U.S. financial system.
The bill is currently in advanced negotiations within the U.S. Senate. Senate staff describe the draft as "very close" to a final version, though the official text has not yet been released and a formal vote has not been scheduled. The key remaining disagreements center on stablecoin rewards, DeFi regulation, and token classification.
Despite growing optimism, the bill could still face delays due to the 2026 midterm elections, potentially pushing it into a more uncertain political climate. If ultimately enacted, the legislation would clarify the regulatory jurisdictions of the SEC and the CFTC, establishing a long-term framework for stablecoins, DeFi, and the broader cryptocurrency industry.