JPMorgan analysts issued a note in June 2026 warning that the CLARITY Act — the United States digital asset market structure bill formally known as H.R. 3633, the Digital Asset Market Clarity Act of 2025 — faces a narrowing window for passage as the congressional calendar tightens ahead of the 2026 midterm elections.
The bill was placed on the Senate legislative calendar as of June 1, 2026, according to public Senate records — a procedural step that makes it eligible for a full floor vote but does not guarantee one. JPMorgan's warning is that if it misses this legislative session, the next realistic window is 2027, after a new Congress is seated.
The CLARITY Act is the most comprehensive crypto market structure legislation introduced in the United States. Its core function is to establish a legal framework for classifying digital assets as either digital commodities (under CFTC jurisdiction) or digital securities (under SEC jurisdiction), based on the degree of decentralization and functionality of the underlying network.
For XRP specifically, the CLARITY Act's commodity classification framework would formalize what the 2023 Ripple-SEC district court ruling established as a partial legal precedent: that XRP sold on open exchanges to retail investors is not a security. Full commodity classification would be a significant expansion of that legal position.
Key provisions of the Act as currently drafted include:
If the CLARITY Act does not pass this session, the US crypto industry faces another 12–18 months of regulatory ambiguity. For builders, that means continued uncertainty about which products require SEC registration, which platforms need broker-dealer licenses, and which token issuances can proceed without legal risk.
For XRP and RLUSD specifically, the existing post-litigation clarity is sufficient to operate — Ripple's legal position has been established in US courts. But the CLARITY Act would extend that clarity to the broader ecosystem and unlock institutional participants currently blocked by their own compliance departments from engaging with crypto at scale.
Ripple CEO Brad Garlinghouse said at Consensus 2026 that passage is "not a done deal" — a measured statement that reflects both genuine uncertainty and a desire not to oversell expectations. The Coinbase-backed advocacy operation, along with lobbying from Andreessen Horowitz, Circle, and others, is pushing for floor vote scheduling in the next 2–3 weeks. That is the critical signal to watch.
The LIONscore analysis of the CLARITY Act gave it an 815/1000 overall rating, with regulatory clarity scoring 925 — the highest subscore — but investor protections rated significantly lower at 645, which has been a sticking point in Senate negotiations.