#美国CLARITY法案推进 JPMorgan Chase: Crypto Market Structure Bill Could Pass by Mid-Year, Boost Market in Second Half!

On March 2, JPMorgan Chase analysts stated that legislation establishing a market structure for US crypto assets could be approved by mid-year, potentially providing a market boost in the second half of the year. The currently discussed CLARITY Act aims to establish a classification framework for digital assets, categorizing tokens as either "digital commodities" (regulated by the Commodity Futures Trading Commission) or "digital securities" (regulated by the Securities and Exchange Commission).
The House has advanced related legislation, while the Senate is still in negotiations. Key disagreements include: crypto companies want to offer yield or reward mechanisms for stablecoins, while banks worry this could divert deposits; Democratic lawmakers demand stricter conflict of interest restrictions involving senior officials and their families (including the President) and their holdings and related-party transactions.
Highlights of the bill include: establishing a "grandfather clause" allowing some tokens to be transitioned to CFTC regulation; projects with annual funding of no more than $75 million can be exempt from full SEC registration; providing a pathway for "fully decentralized" security tokens to be converted into commodity tokens; clarifying custody standards and registration requirements; granting developers exemptions during the development phase (not involving custody services); offering tax clarity, including small transaction exemptions and staking rules; explicitly supporting the development of asset tokenization. Additionally, SEC regulatory approaches have begun to shift.
SEC Commissioner Hester Peirce stated that the Trading and Markets Department has adjusted the treatment of broker-dealer capital for some stablecoins, reducing the previous requirement of 100% of market value to a 2% risk buffer ratio. The bill will also restrict regulators from requiring financial institutions to classify client digital assets as on-balance-sheet liabilities or to hold additional capital (excluding operational risk), seen as institutional confirmation of the SEC's revocation of SAB 121 guidance.