Jamie Dimon said JPMorgan would oppose the CLARITY Act in its current form. The sticking points are two: crypto firms would be allowed to pay interest on customer deposits, and would not need to meet the same anti-money laundering standards or capital reserve requirements that banks do. Dimon made the remarks at a congressional hearing, according to Cryptopolitan. He said banks would continue fighting the bill unless those concerns are addressed.
The CLARITY Act is designed to provide a regulatory framework for digital assets. Supporters, including Senator Cynthia Lummis, say it offers certainty. Lummis has warned that if the bill does not pass in 2026, the next chance may not come until 2030. The midterm election cycle adds pressure.
Other voices have weighed in. Investor Rich Peter said the bill would break up the merger of securities and commodity regulators and create a framework to slow the relocation of blockchain developers to foreign jurisdictions. Ripple ran a “Clarity” truck in Washington to push for passage. In a statement, the company said:
clearer rules for digital assets, more consumer protections, responsible innovation, and help keep the U.S. competitive.
James E. Thorne argued in a PLF article that the CLARITY Act is about more than money. He said the country that sets the standards for tokenization, stablecoins, and blockchain payments will influence the financial networks of the future, comparable to the U.S. role in semiconductors.
The Senate Banking Committee moved the legislation forward in May after months of delay. A full Senate vote has not been scheduled. The banking sector's opposition, together with the tightening legislative calendar, leaves the bill's path uncertain.
