JPMorgan Says U.S. Crypto Rules Remain Exposed Without Market-Structure Law

U.S. crypto markets are gaining new regulatory pathways through federal agencies, but JPMorgan analysts say the lack of a market-structure law leaves the framework exposed to political and legal shifts. Analysts led by Nikolaos Panigirtzoglou describe the agency initiatives as a near-term aid to institutional participation. They say legislation would provide a more lasting foundation. The Senate failed to advance the CLARITY Act in September, and the analysts consider passage in 2026 unlikely; they say work may resume in 2027. The Securities and Exchange Commission’s five-year Innovation Exemption creates a temporary route for some tokenized stocks. Eligible tokens must retain the financial and voting rights attached to the underlying shares. Synthetic versions are excluded, trading venues face limits, and companies can decide whether to tokenize their stock.

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