Congress Likely to Pass Cryptocurrency Bill by Year-End
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Expected Passage Timeline: Analyst Jack Bowman suggests that Congress is likely to pass the cryptocurrency market structure bill by the end of 2023 to avoid losing seats in the midterms, ensuring the bill's passage before January 2027.
- Impact on Bank Interest Payments: If the bill passes in its current form, it will allow banks to pay interest on stablecoin deposits, which could significantly benefit crypto-friendly banks like Circle while putting pressure on legacy financial institutions that struggle to compete for crypto deposits.
- Large Banks to Benefit: This policy change is expected to favor large banks such as JPMorgan (JPM) and UBS Group (UBS), as they will be better positioned to attract deposits, while regional banks may face increased competitive challenges.
- Market Optimism: The potential passage of this bill is viewed as a major positive for the cryptocurrency market, particularly for innovators like Circle, which could enhance their market position and attract more investment.
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Analyst Views on JPM
Wall Street analysts forecast JPM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for JPM is 341.38 USD with a low forecast of 260.00 USD and a high forecast of 400.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
11 Buy
7 Hold
1 Sell
Moderate Buy
Current: 306.420
Low
260.00
Averages
341.38
High
400.00
Current: 306.420
Low
260.00
Averages
341.38
High
400.00
About JPM
JPMorgan Chase & Co. is a financial holding company. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. The Company operates through three segments: Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB), and Asset & Wealth Management (AWM). Its CCB segment offers products and services to consumers and small businesses through bank branches, ATMs, digital and telephone banking. Its CIB segment consists of banking and payments and markets and securities services, and offers a suite of investment banking, lending, payments, market-making, financing, custody and securities products and services to a global base of corporate and institutional clients. AWM segment offers investment and wealth management solutions. It offers multi-asset investment management solutions, retirement products and services, brokerage, custody, estate planning, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Congress Likely to Pass Cryptocurrency Bill by Year-End
- Expected Passage Timeline: Analyst Jack Bowman suggests that Congress is likely to pass the cryptocurrency market structure bill by the end of 2023 to avoid losing seats in the midterms, ensuring the bill's passage before January 2027.
- Impact on Bank Interest Payments: If the bill passes in its current form, it will allow banks to pay interest on stablecoin deposits, which could significantly benefit crypto-friendly banks like Circle while putting pressure on legacy financial institutions that struggle to compete for crypto deposits.
- Large Banks to Benefit: This policy change is expected to favor large banks such as JPMorgan (JPM) and UBS Group (UBS), as they will be better positioned to attract deposits, while regional banks may face increased competitive challenges.
- Market Optimism: The potential passage of this bill is viewed as a major positive for the cryptocurrency market, particularly for innovators like Circle, which could enhance their market position and attract more investment.
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