BREAKING: 🇺🇸 JPMorgan says US regulators are helping offset the CLARITY Act setback, but crypto still faces political and legal risks without a law passed by Congress. Key points: 1. SEC introduced a five-year Innovation Exemption for tokenized stocks, provided they carry the same financial and voting rights as original shares. 2. CFTC is exploring ways to allow leveraged crypto trading on regulated U.S. platforms, though the move is unlikely to advance before 2027. 3. OCC has granted national trust charters to stablecoin issuers and digital asset firms, bringing activities such as custody, reserve management and issuance under federal oversight. 4. FASB is considering allowing certain stablecoins to be classified as cash equivalents on corporate balance sheets. 5. JPMorgan warned that these regulatory actions could be reversed by a future administration, potentially as soon as two years if a Democrat wins the White House. 6. The bank expects the CLARITY Act to remain unlikely to pass in 2026, with the bill potentially returning in 2027. Bottom line: Regulatory changes are opening doors for institutional crypto adoption, but lasting legal certainty will require Congress to pass comprehensive crypto market structure legislation.