JPMorgan says crypto bill is almost done as Senate clock ticks, signaling a decisive phase for U.S. digital asset regulation.
Lawmakers have reduced disagreements to only a few outstanding issues, according to the bank’s latest report.
The update suggests that months of negotiations are nearing conclusion, while time pressure in the Senate continues to shape the final push.
Fewer disputes signal progress in negotiations
JPMorgan reported that discussions around the proposed market structure legislation have narrowed significantly.
Earlier talks included more than a dozen contested areas, but that number has now fallen to just two or three.
This shift indicates that lawmakers have resolved many of the core disagreements that had slowed progress.
One of the most debated topics involved stablecoin rewards. Banks had raised concerns that reward mechanisms could resemble deposit-taking without proper safeguards.
JPMorgan noted that recent proposals have moved closer to a workable framework, easing one of the key sticking points in negotiations.
Officials familiar with the process have described the draft bill as nearly complete. However, a few issues remain unresolved, including oversight of decentralized finance platforms and the classification of digital tokens.
These areas continue to influence the final wording of the legislation, and they are expected to determine how the industry operates under federal supervision.
Clarity Act outlines regulatory framework
The Clarity Act aims to define how digital assets are regulated across the United States.
A central element of the proposal is the division of authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
This jurisdictional split has been one of the most critical components of the broader regulatory effort.
The bill also addresses how stablecoins and DeFi platforms fit into existing financial rules.
These provisions are seen as essential because they would establish clearer boundaries for both emerging crypto firms and traditional financial institutions entering the sector.
JPMorgan stated that the current version of the proposal could appeal to a wide range of stakeholders.
Even so, the final legislative text has not yet been released, and lawmakers have not scheduled a formal vote.
The remaining negotiations are expected to refine the framework without altering its core structure.
Senate timeline adds urgency to final steps
Timing has become a key factor in the bill’s path forward. The legislation must pass through the Senate Banking Committee by mid-May to reach the Senate floor before Memorial Day. Missing this window could significantly delay progress.
Senator Bernie Moreno has warned that failure to meet the deadline may push consideration of the bill to 2027. This risk has increased pressure on lawmakers to resolve the remaining issues quickly.
Other policymakers have also emphasized the importance of timely action. Senator Cynthia Lummis has cautioned that changes in the political landscape after the 2026 election cycle could stall the effort.
Treasury Secretary Scott Bessent has also called for clear federal rules, arguing that regulatory certainty is necessary to attract and retain crypto investment in the United States.
Negotiations continue as lawmakers work to finalize the remaining details. The outcome will determine how the U.S. approaches digital asset regulation in the coming years.
