CLARITY Act Update: Did JPMorgan Really Back the Crypto Market Structure Bill?

JPMorgan’s recent post on regulatory clarity has been viewed positively by the crypto industry. BitGo CEO Mike Belshe said the bank’s support for regulatory clarity could improve the CLARITY Act’s chances of passing the Senate. 

However, crypto journalist Eleanor Terrett clarified that JPMorgan is not endorsing the CLARITY Act itself.

BitGo CEO Says JPMorgan’s Comments Could Boost CLARITY Act

BitGo CEO Mike Belshe believes JPMorgan’s recent comments on digital assets could improve the chances of the Digital Asset Market Clarity (CLARITY) Act becoming law.

In a post on X, Belshe argued that the world’s largest bank has indirectly supported the crypto market structure bill by calling for greater regulatory clarity around digital assets.

He pointed to a June 29 JPMorgan blog by Umar Farooq, Global Co-Head of J.P. Morgan Payments, and Peter Muriungi, CEO of Digital Assets and Blockchain Solutions.

In the blog, the executives said,

“The promise is clear. Tokenization and programmable money can reduce friction in payments, shorten settlement cycles, and unlock efficiencies that benefit businesses and consumers alike.”

Belshe: Regulatory Clarity Changes the Conversation

Belshe said JPMorgan’s comments carry significant weight because institutional investors and compliance teams closely follow the bank’s views.

“The Clarity Act isn’t perfect. No legislation is. But ‘world’s largest bank backs crypto market structure bill’ is a headline that changes boardroom conversations globally,” he wrote.

He added that the biggest obstacle for banks has not been blockchain technology, but the lack of clear crypto regulations.

Following the discussion, Polymarket odds of the CLARITY Act passing in 2026 rose slightly to 44%.

Eleanor Terrett Disputes the Claim

Crypto journalist Eleanor Terrett responded to Belshe’s post by saying that, 

“Don’t think so.”

Her response was backed by many users. One user wrote that,

“If it’s not confirmed by Eleanor Terrett, then don’t believe it!”

The discussion shows that JPMorgan has publicly supported clearer crypto regulations, but it has not explicitly stated that it backs the CLARITY Act itself.

Next Key Date In Clarity Act

The next major milestone comes July 13–17, when the U.S. Senate returns from recess. Lawmakers are expected to release a merged version of the CLARITY Act before key procedural votes begin.

The bill still requires 60 Senate votes to clear procedural hurdles before advancing to a final floor vote. If it is not taken up before the Senate’s August recess, its progress could be pushed back until later this year.

JPMorgan Chase JPMorgan Chase   JPMorgan Chase is a financial services company based in New York City and one of the largest banks in the United States. The company provides a broad range of services spanning investment banking, commercial banking, consumer banking, wealth management, asset management, payments, financial transaction processing, and digital financial services. The company is also increasingly active in fintech, artificial intelligence, blockchain, tokenization, digital assets, and programmable payments. Its Kinexys by J.P. Morgan business develops blockchain-based infrastructure for institutional payments and digital assets, while JPMorgan Chase continues to invest heavily in technology and AI.   JPMorgan Chase Details   Attribute Details Core Services Consumer banking, commercial banking, investment banking, asset management, wealth management, payments, securities services and transaction processing Consumer Banking Checking, savings, credit cards, mortgages, auto finance, investing and other consumer financial services Institutional Services Investment banking, capital markets, markets, securities services, treasury services and corporate banking Blockchain Business Kinexys by J.P. Morgan Blockchain Products Kinexys Digital Payments, Kinexys Digital Assets and Kinexys Liink Digital Currency / Deposit Token JPM Coin Digital Asset Focus Tokenization, deposit tokens, blockchain-based settlement, tokenized assets and programmable payments   Key Features of JPMorgan Chase   Risk management and security with industry-leading fraud protection and compliance.  Asset and wealth management that handles trillions in assets for individual and institutional clients.  Bank-backed deposit token for near-instant institutional payments.  Enhanced digital banking through secure mobile and online services for customers.   JPMorgan Chase Products & Services    Chase Banking - Checking, savings, and everyday banking services Chase Credit Cards - Rewards, travel and cashback credit cards J.P. Morgan Wealth Management - Investment advice and wealth planning services. J.P. Morgan Private Bank - Wealth management for high-net-worth individuals. Investment Banking - M&A, underwriting and capital-raising services Kinexys - Institutional blockchain and digital-asset platform Kinexys Digital Payments - Blockchain-based 24/7 institutional payments Kinexys Digital Assets - Blockchain-based asset tokenization and settlement.  Kinexys Liink - Blockchain-based payment information network JPM Coin - A tokenized deposit used for institutional payments and settlements. Tokenized Money-Market Funds - Blockchain-based representation of money-market funds Programmable Payments - Automated payments using blockchain-based infrastructure Digital Debt Service - Blockchain technology for issuing and settling debt instruments.    JPMorgan Chase’s Contributions to the Crypto & Blockchain Industry   Contribution JPMorgan Chase’s Role Kinexys Blockchain Platform Blockchain platform for institutions focused on payments, settlement, and digital assets. JPM Coin Blockchain-based deposit token for near-instant, 24/7 institutional settlement. Tokenized Assets Develops blockchain infrastructure for digital versions of traditional assets, funds, and securities. Blockchain Payments Uses distributed-ledger technology for faster, programmable institutional payments. Digital Securities Kinexys Digital Assets helps turn traditional assets into digital tokens and makes settlement faster and easier. Public Blockchain Adoption Expanded its digital-asset strategy to public blockchains, including JPM Coin. Crypto Ecosystem Access Worked with Coinbase to provide easy access to crypto via bank-to-wallet connectivity for Chase clients. Blockchain + AI Research Explores the use of blockchain with privacy-preserving AI and federated learning through FedSyn.   jdoe@jpmorganchase.com Financial Service Provider

umar farooq umar farooq Umar Farooq is a key figure in the blockchain space and is currently the Head of Sales, Payments at J.P. Morgan, is platform that supports innovative technologies like blockchain to create unique products and various other firms. Before this, Umar was also serving as the head of digital wholesale payments and later worked for Corporate and Investment Bank for the position of Head of Blockchain. Umar is a known blockchain speaker who attends top events and speaks on the evolving technology of blockchain in the field. Farooq was previously responsible for the Chief Financial Officer, where he oversaw financial and business management across Technology. Throughout his career experience, he took on leadership roles that have brought him the name today.   Personal Details: Organization: J.P. Morgan Location: New York Education: Graduated with a Master's in electrical engineering and a Bachelor's of Science in economics and Computer Science from the Massachusetts Institute of Technology, and was honored with a Doctor of Law from Yale Law School   Experience: Played the role of Global Co-head for J.P.Morgan Sales Payments from the year Jun 2024 until now  Played the role of Global Head of Financial Payments from the year Oct 2021 till Jun 2024  Chief Executive Officer Kinexyx by JP Morgan Chase & Co. from the year Oct 2020 till Jun 2024 Played the role of National Sales Executive at JP Morgan Chase from the year 2011 till 2012 Played the role of Chief Sales Officer for CIT from the year 2005 till 2009 Played the role of Manager for McKinsey and Company from the year 2001 till 2005 Chief Executive Officer

mike belshe mike belshe at BitGo  Mike Belshe is based in the US and is the Co-founder and CEO of Bitgo, which launched in 2011. The organization holds a headcount of 207. Mike Belshe’s role is to drive BitGo’s product and business strategy for delivering security, compliance, and custodial solutions for blockchain-based currencies. Before establishing BitGo, Mike was instrumental as one of the original engineers involved in the development of Chrome at Google. He is the creator of the SPDY protocol and also the lead author of HTTP/2.0—the very popular internet protocol that is responsible for loading web pages today. In 2003, Mike co-founded Lookout Software, an email search company acquired by Microsoft, and holds management positions at various startups, including Netscape, Good Technology, and Critical Path. He is the creator of the world's multi-sig web wallet for Bitcoin. It allows user to store and manage their Bitcoin through a web browser, offering high risk compared to other wallet types. Mike is a well-known top Bitcoin speaker who participates in Bitcoin events across the globe.  Quick Facts Organization Bitgo Location United States Education California Polytechnic State University    Experience Cofounder & CEO - BitGo from 2011 - Present Staff Software Engineer -Google from 2006 - 2011 Lookout Software co-founder from 2003 to 2004 Director of Engineering /VP of Application -Supernews from 1997 to 2001 Software Engineer- Netscape Communications from 1995 to 1997 Software Engineer- HP from 1993 to 1995  EntrepreneurChief Executive OfficerAuthorPrincipal Engineer

eleanor terrett eleanor terrett at Fox Business Network eleanor terrett AuthorMarket Analyst