The House passed the 2025 version of the Digital Asset Market Clarity Act almost a year ago, but the bill is still in a tight spot. However, BitGo CEO Mike Belshe recently pointed out that JPMorgan has shown full support for the CLARITY Act.
He said:
Long a cryptocurrency skeptic, the world’s largest bank now openly supports crypto market structure legislation. It’s a different ball game.
What does this mean for the market?
Belshe emphasized We think it’s important for JPMorgan to support the CLARITY Act because regulatory uncertainty has long been the biggest hurdle. Therefore, banks, asset managers, pension funds and investment advisors will be encouraged to prepare for increased crypto participation.
If the bill passes, it could become easier for institutional investors to safely participate in the market, leading to broader uptake of cryptocurrencies.
This comes as the approval rating on Polymarket dropped 20% to 45% from 74% two months ago.
Others who support passage of the CLARITY Act
But the community still seems positive when it comes to approval.
For example, Representative French Hill weighs in The best way to force lawmakers to compromise, he said, is to give them a clear deadline to vote on the CLARITY Act before Congress goes on recess in August.
Hill said that rather than leaving these activities in a regulatory gray area, the CLARITY Act would hold them to defined standards and in question,
I encouraged Senate leadership to raise this issue. I think that if you set a meeting date here in July, it will lead to these last meetings and these last discussions. You have to give time in Congress for people to take action and come to a consensus.
Net increase in fans
Not only that, we also support the bill. Michael S. SeligThe 16th Chairman of the CFTC said:
The Law of Openness talks about the concept of proof-of-concept to ensure crypto is here to stay.
Echoing similar sentiments, Ethereum co-founder Joseph Lubin added:
In fact, Democratic Senator Elizabeth Warren, a staunch supporter of the bill, recently put your best he said,
The CLARITY Act as currently drafted is a ticket to avoiding sanctions.
But, Trump stated He said he “will not sign any more bills” until congressional Republicans pass the RELIEVE America Act. As a result, the CLARITY Act is currently awaiting approval new deadline 7 August to go forward.
Final Summary
- JP Morgan, which backed the bill, has sparked new optimism about the passage of the CLARITY Act.
- Even though Polymarket’s chances have fallen to 45 percent, the CFTC chairman, Ethereum co-founder and many others are calling for the bill to be approved.
