JPMorgan CEO Warns Stablecoins Could “Collapse,” Probability of Clarity Act Passing This Year Declines

Odaily Planet Daily News: JPMorgan CEO Jamie Dimon stated that the U.S. crypto market structure bill, the "Clarity Act," allows crypto companies to offer deposit-like interest returns on products such as stablecoins, but lacks corresponding protections. He warned that such arrangements "could eventually collapse" and that he would not participate in them. Reports indicate that disagreements persist between the banking industry and crypto companies over whether stablecoin accounts can offer interest-like rewards. The probability of the Clarity Act passing this year has dropped from nearly 70% to slightly above 50%. Affected by related uncertainties, Bitcoin recently fell below $76,000. (forbes)