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US lawmakers are approaching a conclusive resolution on the Digital Asset Market Clarity Act, a legislative proposal intended to establish a thorough regulatory framework for digital assets in the United States, as reported by CoinDesk, referencing JPMorgan insights.
The financial institution indicated that discussions have advanced to a late phase, with the majority of disagreements settled and only a limited number of points remaining under deliberation. A high-ranking policy representative stated that the count of disputed subjects has decreased from approximately a dozen to merely two or three, suggesting a move toward consensus following years of deliberation.
Central to the proposed legislation is the long-standing issue of how to distribute oversight of digital assets among federal regulatory bodies. The bill aims to formalize the jurisdictional divisions between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while also clarifying the integration of tokens, stablecoins, and decentralized finance platforms within the existing financial legal structure.
Legislators and industry players have characterized the measure as a crucial step towards introducing regulatory predictability to a sector that has operated under a fragmented system. Treasury Secretary Scott Bessent and other officials have urged Congress to take action, cautioning that any postponement risks diverting innovation and capital towards international markets that offer more defined rules.
One of the most contentious subjects during the negotiations has been the question of whether stablecoin issuers should be permitted to offer crypto yield or comparable returns to their users. This debate has highlighted a divergence of opinions between cryptocurrency companies and traditional financial institutions, who contend that such features might mimic deposit-taking activities without the equivalent protective measures found in insured accounts.
Recent discussions have resulted in a compromise that would disallow passive yield generation while permitting rewards linked to transactional activity and platform use. Policymakers involved in the dialogue suggested that the proposed framework strikes a balance between the concerns of banking institutions and the digital asset industry’s desire for product adaptability.
Disputes over crypto yield may be nearing resolution
The discussions surrounding stablecoins have occurred concurrently with a broader policy disagreement. An economic assessment from the White House concluded that prohibiting yield generation would have a minor effect on bank lending while diminishing consumer returns. In response, the American Bankers Association countered that the analysis did not adequately address long-term risks, warning that stablecoins offering yield could attract deposits away from community banks and increase borrowing expenses for local lenders.
Notwithstanding these points of contention, JPMorgan believes the developing compromise has the potential to garner support from various stakeholders. The bank noted an increasing convergence of viewpoints on essential provisions, encompassing anti-money laundering protocols, requirements for asset custody, and operational regulations for trading platforms and intermediaries.
The impetus for progress has also been bolstered by prior legislative advancements. The House of Representatives approved a version of the bill in 2025 with bipartisan backing, and Senate negotiators are presently engaged in finalizing the text before a potential committee review.
The definitive version of the bill has not yet been made public, and no date has been set for a vote. The timing could become a significant factor with the approach of the 2026 midterm elections. Any alteration in congressional control could potentially shift legislative priorities and impede the advancement of cryptocurrency policy.
Learn more at : bitcoinmagazine.com