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Key Takeaways
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Shares of SoFi have popped this week, helped by news of a stablecoin launch that broadly coincides with optimism that the Clarity Act might be moving toward passage in Washington.
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Fresh comments from Jamie Dimon, however, signal that stiff resistance to Clarity might still be out there.
Stablecoin news is lifting shares of SoFi Technologies. A big bank CEO is trying to tap the brakes.
Shares of bank-and-fintech SoFi (SOFI) were recently up about 8%, lifting them off recent lows and back toward levels last seen in April. This week’s news that the company now offers its own dollar-linked stablecoin, SoFiUSD, appears to be the main driver of the stock, which despite its recent climb has had a rough 2026 and remains in the red for the year so far.
Why This Matters to Crypto Investors
Signs of progress in Washington, D.C., regarding the Clarity Act that would help govern crypto have lifted some assets lately. But resistance to the bill as currently written may still be a risk factor.
Investors have seen opportunity in the stablecoin space in recent months amid optimism about the Clarity Act, a piece of legislation that has had trouble getting to the president’s desk but could lead to a clear framework for regulating stablecoin rewards and digital assets. Shares of Circle Internet Group (CRCL) have jumped this year, driven in part by hopes that Clarity’s passage would eventually spur more adoption of stablecoins.
That passage, however, isn’t a fait accompli. Some of the resistance has come from banks, which see stablecoin rewards as competition for the interest they pay on deposits. In an interview earlier today with Fox Business, JPMorgan Chase (JPM) CEO Jamie Dimon said financial firms that take deposits should effectively be regulated on the same terms as banks and broadly said he was unhappy with the current state of the Clarity Act.
“If he takes deposits like a bank, he should have bank rules,” Dimon said, referring to Coinbase Global CEO Brian Armstrong. “If he wants to be a bank, be a bank.”
Moves higher in stablecoin-linked assets have taken place as bitcoin has receded somewhat from recent highs. Bitcoin, the leading cryptocurrency, recently changed hands around $74,000, marking a pullback from hard-won prices seen this spring above $80,000. Read Investopedia’s full coverage of today’s trading here.
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