JPMorgan Chase: Regulatory measures can partially offset the impact of the obstruction of the Clarity Act, but political and legal risks still exist On October 23rd, according to The Block, JPMorgan analyst Nikolaos Panigirtzoglou and others stated in a report on Wednesday that recent measures by US regulators are partially offsetting the negative impact of the Senate's failure to push forward the Clarity Act, but political and legal risk premiums will continue until the crypto market structure bill is passed. Analysts believe that regulatory led measures can encourage institutional participation in the short term, but only legislation can make the regulatory framework more sustainable. If the Democratic Party wins the White House, existing regulatory measures could be overturned within two years at the earliest. The likelihood of the bill being passed this year is low, and it may be put back on the agenda in 2027.