The House passed its version of the Digital Asset Market Clarity Act of 2025 nearly a year ago, but the bill is still in a tight spot. However, Mike Belshe, CEO of BitGo, recently pointed out that JPMorgan has shown full support for the CLARITY Act.
He said,
Let that sink in. The world’s largest bank — long crypto-skeptical — is now publicly supporting crypto market structure legislation. This is a different ballgame.
What does this mean for the market?
Belshe emphasized that JPMorgan’s backing of the CLARITY Act is important because regulatory uncertainty has long been the largest obstacle. So banks, asset managers, pension funds, and investment advisers are likely to be encouraged to get ready for increased crypto participation.
Should the bill pass, it might make it simpler for institutional investors to confidently join the market, which could lead to a wider uptake of cryptocurrencies.
This occurs as the approval odds on Polymarket have dropped to 45%, a 20% decrease from 74% two months ago.
Others supporting the passage of the CLARITY Act
However, regarding the approval, the community still appears to be in favor.
For instance, Rep. French Hill is arguing that the best way to force lawmakers to reach a compromise is to give them a clear deadline to vote on the CLARITY Act before Congress starts its August recess.
Rather than leaving these activities in a regulatory gray area, Hill believes the CLARITY Act would subject them to defined standards and said,
I’ve encouraged Senate leadership to put it on the floor. I think if you schedule a floor date here in the month of July, that will cause these final meetings, these final discussions to take place. You’ve got to have a deadline in Congress to get people to move and find consensus.
Supporters net increases
Not only this, the bill is also supported by Michael S. Selig, the 16th Chairman of CFTC, who said,
The Clarity Act, talking to this future proof notion of making sure that crypto is here to stay.
Echoing similar sentiments, Joseph Lubin, Ethereum’s co-founder, added,
In fact, Democratic Senator Elizabeth Warren, who has been a stern supporter of the bill, recently put it best when she said,
As currently drafted, the CLARITY Act is a ticket to sanctions evasion.
However, Trump has stated that he will “not sign other bills” until Republicans in Congress have passed the SAVE America Act. As a result, the CLARITY Act is now awaiting a new deadline of the 7th of August to advance.
Final Summary
- JP Morgan, supporting the bill, has ignited fresh optimism for the approval of the CLARITY Act.
- Though the Polymarket odds have fallen to the 45% Senators, CFTC chairman, Ethereum co-founder, and many others are demanding the bill’s approval.