America’s largest bank, JPMorgan Chase, has expressed serious concern about the prospect of passing the CLARITY Act, a cryptocurrency regulation bill. Representatives of the financial corporation warned that hasty implementation of a regulatory framework without robust safeguards could destabilize the financial system and harm consumers.

Despite the active use of blockchain in its own developments, such as the deposit token JPM Coin from Kinexys, the bank insists on the principle "same risks - same rules". According to analysts JPMorgan, if a digital asset functions as a security, it must be subject to the relevant requirements. The same applies to decentralized platforms: if they take over as brokers, they should be regulated by common standards.

The bank’s particular objection was the idea of introducing a built-in return on stablecoins. At JPMorgan, Chase called such initiatives "shadow banking" because they offer returns without the stringent capital standards, liquidity, and consumer protections inherent in traditional deposits. This was one of the most pressing issues in the Banking Committee’s discussion of the document, where the financial lobby managed to secure certain concessions.

At the moment, CLARITY Act’s promotion in the US Senate is stalled. Galaxy Digital experts estimate the probability of passing the bill in 2026 at 50%, stressing that the goal of regulation should not be speed, but to create a reliable system worthy of trust.