Banks Vs. Crypto Law: JPMorgan CEO Doubles Down On CLARITY Opposition
Prediction markets put the odds of the Digital Asset Market Clarity Act becoming law this year at 59%, down from a high of 68% following a Senate committee vote earlier this month. That slide reflects growing uncertainty around a bill the crypto industry had hoped would clear Congress before year’s end. Related Reading: Corporate Ethereum […]
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The crypto industry has spent years asking Washington for clear rules. It may be getting closer to an answer. JPMorgan analysts are now predicting that the Clarity Act — a sweeping bill designed to set formal ground rules for how digital assets are regulated in the US — will be signed into law by the middle of this year. If this timeline holds, it could prove to be one of the biggest changes in crypto policy within the US. Related Reading: Bitcoin In The Line Of Fire: Price Dips To $63k As US, Israel Launch Strikes On Iran What The Clarity Act Actually Does At its heart, this is a bill....
Global investment bank JPMorgan has doubled down on its bitcoin price prediction of $146K. The bank’s analyst explained that the price of the cryptocurrency could reach that level if its volatility subsides and institutional investors start investing in bitcoin more than gold in their portfolios.
JPMorgan Renews $146K Bitcoin Price Prediction
JPMorgan released an inaugural report of its new publication last week focusing on the outlook for alternative investments, including digital assets. A new report is expected to be released every two to three months.
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As lawmakers advance the crypto bill closer to completion, JPMorgan CEO Jamie Dimon attacked Coinbase CEO Brian Armstrong and criticized the CLARITY Act on Friday. Dimon Predicts Clash Over CLARITY Act Speaking at the Reagan National Economic Forum, Dimon said banks “will not accept” the CLARITY Act in its current form. He also suggested that efforts by crypto proponents are unlikely to produce a broad consensus with traditional financial institutions. “It will be fought. No one’s gonna bow down to this guy, or that company,” Dimon said, referring to the act and Armstrong. Dimon....
US banks may need regulatory clarity more than the crypto industry, a former Commodity Futures Trading Commission (CFTC) chief said, arguing they risk falling behind the rest of the world. Related Reading: Treasury’s GENIUS Act Report Backs Mixers, But Wants a New ‘Hold Law’ For Crypto Regulatory Uncertainty Could Leave US Banks Behind On Sunday, […]
No progress has been made recently on the delayed CLARITY Act, the crypto market structure bill, primarily due to opposition from the banking sector over stablecoin rewards. Despite this stalemate, White House Crypto Advisor Patrick Witt has been vocal in advocating for the bill’s passage. Witt Calls Out Banks For Undermining Crypto Progress In a social media post on Tuesday, Witt emphasized the importance of keeping the CLARITY Act a pro-innovation piece of legislation. He criticized efforts to co-opt the legislative process into an anti-competition framework, labeling such actions....