Eleanor Terrett (@EleanorTerrett)

Might be a hot take, but I didn’t read the @jpmorgan blog post as backing the Clarity Act, as some have suggested. While the authors praised digital assets for their potential to enable tokenization and modernize financial infrastructure, they stopped short of endorsing any specific legislation, instead advocating more broadly for a digital asset market structure “framework” with stronger safeguards, while echoing concerns JPMorgan CEO Jamie Dimon has previously raised about stablecoin yield and illicit finance. The line that stood out to me was the paragraph immediately after the authors outlined the bank’s digital asset initiatives: “Responsible innovation is already possible within existing guardrails, and it can scale further with the right framework in place.” To me, that suggests JPM believes it can already innovate responsibly under today’s regulatory framework, while viewing market structure legislation as beneficial if it also addresses long-standing concerns around stablecoin yield and illicit finance.