Morgan Stanley analysts said that recent policy measures by US regulators have partially offset the negative impact of the CLARITY bill being blocked in the Senate, but political and legal risks will continue. The SEC launches a five-year innovation exemption for tokenized stocks, the CFTC explores allowing regulated platforms to offer leveraged crypto trading, the OCC grants national trust licenses to stablecoin issuers and digital asset companies, and the FASB considers allowing companies to list some stablecoins as cash equivalents. JPMorgan Chase believes that these measures may help attract institutional participation in the short term, but they may be overturned by future governments and cannot replace congressional legislation. The CLARITY bill is expected to be difficult to pass this year and may be reintroduced in 2027. Before comprehensive market structure legislation is implemented, the cryptocurrency industry will still face high political and legal risk premiums. （The Block）https://(wublock123.com)/news/jpmorgan-us-regulation-offsets-clarity-bill-risks-70555