JPMorgan Says Agency Actions Cannot Replace CLARITY Act Legislation

JPMorgan analysts say recent U.S. agency actions may support near-term institutional crypto participation after the Senate stalled the CLARITY Act, but do not remove political and legal risks. The analysts expect passage in 2026 to be unlikely, with the legislation potentially returning in 2027. They say political and legal risk premiums are likely to remain elevated until Congress passes a broad market-structure law. Agency measures could be reversed by a future administration and do not offer the durability of legislation. The Sept. 15 Senate vote failed to advance the bill in a procedural vote; it was not a final vote on the legislation. The Securities and Exchange Commission released a five-year Innovation Exemption for tokenized stocks.

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