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 an American multinational financial services company, widely recognized for its commercial banking, investment banking, asset management, and financial transaction processing. Currently, it stands as the largest bank in the United States and one of the most influential global financial institutions. JPMorgan is deeply involved in blockchain innovation through initiatives like JPM Coin and the Onyx blockchain network. Key Features: Risk management and security with industry-leading fraud protection and compliance.  Retail banking services, including credit cards, personal banking, and mortgages, in the U.S. and U.K Asset and wealth management that handles trillions in assets for individual and institutional clients.  Advanced digital banking with secure mobile and online solutions for customers.  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