Lawmakers in Washington are closing in on a final deal on the Digital Asset Market Clarity Act, a bill that would establish a comprehensive regulatory framework for crypto in the United States, according to a report from CoinDesk citing JPMorgan sources.
The bank said the negotiations have reached a dead end, as many disputes have been resolved and few issues are still being discussed. One policy official said the list of contentious topics had shrunk from a dozen to just two or three, marking a shift toward consensus after years of debate.
At the heart of the law is a long-standing question about how to divide oversight of digital assets among federal regulators. The bill would legalize the regulatory boundaries between the Securities and Exchange Commission and the Futures Trading Commission, while also specifying that tokens, stablecoins and decentralized financial platforms fall within existing financial law.
Legislators and industry participants have included this move as an important step in bringing regulatory certainty to the sector that has worked in the correctional sector. Treasury Secretary Scott Besent and other officials urged Congress to act, warning that the delay jeopardized innovation and money in foreign markets with clear rules.
One of the most pressing issues in the debate has been whether stablecoin issuers should be allowed to offer crypto yield or yield-like rewards to users. That debate has drawn a divide between crypto firms and traditional banks, which argue that such features would multiply deposit taking without the same protections as insured accounts.
Recent negotiations have produced compromises that would prevent fine yields while allowing performance-based rewards that match payments and platform usage. Policymakers involved in the discussions say the framework balances concerns from banks and demands from the digital goods sector for product flexibility.
Crypto yield controversies may be close to a solution
The stablecoin debate occurred alongside a broader policy conflict. A White House economic analysis found that curbing yields would have a limited impact on bank lending, while reducing returns to consumers. In response, the American Bankers Association said the analysis failed to take into account long-term risks, warning that yield-producing stablecoins could draw deposits away from community banks and raise the cost of funding local lenders.
Despite these arguments, JPMorgan said the emerging easing could attract bipartisan support. The bank pointed to increased alignment on key provisions, including anti-money laundering standards, custodial requirements and broker-dealer codes of practice.
The momentum was also fueled by previous legislative progress. The House of Representatives passed a version of the bill in 2025 with bipartisan support, and Senate negotiators are now working to finalize the language before a possible committee markup.
The final text has not been released, and no vote is scheduled. The timing could prove critical as the 2026 midterm elections approach. A change in control of Congress could change legislative priorities and slow progress on crypto policy.
