The global cryptocurrency market could get a big boost in the second half of this year, global media report, quotes statement of the American bank JPMorgan Chase & Co. Favorable conditions for the development of cryptocurrency prices will be the upcoming adoption of the American draft law on the structure of the crypto market.
"If this law is adopted, it will change the structure of the entire crypto market. It will ensure regulatory clarity, end regulation by law, promote tokenization, and facilitate greater institutional participation, bank experts said, quoted by Bloomberg.
What is the law known as Clarity Act?
The law known as Clarity Act, was passed by the U.S. House of Representatives. It is part of a broader effort in Congress to create a comprehensive regulatory framework for digital assets.
However, the bill has been moving more slowly in the Senate due to disagreements over attempts to address some of the provisions in the already-passed Genius Act. This is the first such bill to create a federal framework for the issuance of stablecoins.
A serious obstacle has been placed on crypto trading platforms like Coinbase Global, which must be allowed to pay users fees for holding stablecoins. Banks say that allowing companies to effectively pay interest on stablecoins to customers could divert money from lower-yielding deposits and pose a risk to financial stability.
Currently, representatives of the crypto industry and traditional financial institutions are leading the charge in the search for compromise.