JPMorgan reports that the U.S. Clarity Act, aimed at regulating cryptocurrencies, is approaching its final legislative phase, with stakeholders close to reaching a consensus. The number of contentious issues between lawmakers and regulators has decreased from approximately 12 to just 2 or 3, with significant progress made on discussions regarding stablecoin yield rewards. However, JPMorgan cautions that the 2026 midterm elections could alter legislative priorities. If the Democrats regain control of the House, the bill's progress may slow.