JPMorgan Warns 60-Vote Clarity Act Path Narrows as Stablecoin Yield Fight Stalls Bill
Updated
Updated · CoinDesk · Jun 4
JPMorgan Warns 60-Vote Clarity Act Path Narrows as Stablecoin Yield Fight Stalls Bill
3 articles · Updated · CoinDesk · Jun 4
Summary
JPMorgan said the Clarity Act’s chances of passing in 2026 are fading as Congress heads toward the midterms, despite the bill clearing the Senate Banking Committee on May 14.
The bank said the biggest sticking point is whether stablecoins can pay passive yield, with banks pushing for tighter limits and crypto firms seeking room for yield-bearing products.
The bill still needs 60 Senate votes, reconciliation with House legislation and the president’s signature, leaving several hurdles that could delay broader U.S. crypto market-structure reform.
JPMorgan said if lawmakers effectively bar interest on stablecoin balances, more idle crypto capital would likely shift into tokenized Treasuries, digital money-market funds and tokenized deposits.
The Clarity Act is the crypto industry’s top U.S. priority because it would set a federal framework and clarify whether digital assets fall under the SEC or CFTC.