CLARITY Act, Dimon Warning, and Treasury Doctrine: Policy Risks Converge
Three policy forces converged in the third week of July 2026, and markets have not fully priced any of them. The U.S. Senate now has fewer than three weeks to pass the CLARITY Act before the August 10 recess deadline. JPMorgan CEO Jamie Dimon, in an hourlong CNBC interview on July 21, stated he would not buy either equities or long-dated U.S. Treasurys at current prices. And Treasury Secretary Scott Bessent has deployed a doctrine that formally treats economic coercion as a national security instrument, with Iranian crypto exchanges as the first live target. Read together, these events describe a macro regime that is tightening across regulatory, fiscal, and geopolitical channels at the same…
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