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FollowingJPMorgan: U.S. Crypto Act delays or weakens public blockchain networks
JPMorgan analysts said that the delay in the U.S. Crypto Market Structure Act may weaken public blockchain networks because tokenization may shift to traditional financial infrastructure.
In a Wednesday research report led by Nikolaos Panigirtzoglou, the bank pointed out that the more the Senate delays the Digital Asset Market Clarification Act, the greater the risk that tokenization and blockchain-based applications will eventually be absorbed by existing market infrastructure rather than attributed to the public encryption network.
The bank believes that regulatory uncertainty may prompt institutions to retain tokenization within existing financial infrastructure rather than building on open blockchain networks.
Wall Street's warning as it accelerates the tokenization process
On July 15, the American Depository, Trust and Clearing Corporation (DTCC) announced a pilot program with nearly 40 companies including JPMorgan Chase, BlackRock, Goldman Sachs, Vanguard Group and the New York Stock Exchange to tokenize stocks and U.S. Treasury bonds held by DTCC.
Currently, many Wall Street tokenization projects rely on private, permissioned blockchain networks. JPMorgan believes that clearer crypto rules may encourage institutions to use public blockchain infrastructure, thereby introducing more transaction activity and liquidity into public crypto networks rather than retaining it within traditional financial systems.
Citibank estimates that the global tokenized financial asset market is currently worth about US$17 billion and could reach US$5.5 trillion by 2030 under the benchmark scenario, driven mainly by public equity and government debt rather than private equity markets. However, the bank said improving regulatory and institutional infrastructure was a key catalyst for adoption.
Meanwhile, the forecast market currently shows that there is about a 30% chance that the Clarification Act will become law before the end of 2026.
Wall Street and Crypto Companies urge Senate to advance bill
The Clarification Act would divide regulatory authority over digital assets to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), establishing a clearer regulatory framework for tokenized assets, crypto intermediaries and decentralized finance. In recent weeks, the bill's support has expanded to include traditional financial and crypto industries.
BlackRock, the world's largest asset manager, called the legislation "an important step in establishing an investor-first regulatory framework for digital assets." On July 24, Fidelity said the Senate should pass the bill because "clear rules" are crucial to boosting investor confidence, providing certainty to market participants, and consolidating U.S. leadership in the digital asset market.
Franklin Templeton also urged lawmakers to take action, saying the bill would clarify "how cryptocurrencies are regulated" and ensure companies know "which regulators they are accountable to." Goldman Sachs CEO David Solomon also expressed support for the proposal last week, saying that while the bill was "not perfect," he "strongly supports moving the Clarification Act forward so that we can build some market structures and start driving the innovation process."
The Senate plans to start its summer recess on August 8, with lawmakers having only a few legislative days to advance the bill before recess.
