Banks Build Blockchain Networks Despite Clarity Act Delay
The U.S. Senate has pushed back the Clarity Act's implementation until September, leaving the cryptocurrency market without a finalized framework for market structure. Despite this delay, major financial institutions are already building blockchain-based infrastructure, including tokenized deposits and onchain settlement networks.
JPMorgan's Kinexys platform has processed trillions of dollars in transactions, while other banks are developing similar initiatives. The trend is also spreading beyond Wall Street, with state banking associations announcing plans for the BankChain Alliance, a nationwide blockchain network designed to support stablecoins and tokenized deposits within the banking system.
The push into regulated blockchain infrastructure is also visible in stablecoins, such as World Liberty Financial's USD1 stablecoin natively launched on the Canton Network. This allows institutions to use the token alongside tokenized real-world assets for settlement, lending, and other financial transactions.