JPMorgan Chase: Regulatory measures partially offset the impact of the failure of the Clarity Act, but political and legal risks still exist According to The Block, JPMorgan analyst Nikolaos Panigirtzoglou stated in a report that recent actions taken by US regulators have to some extent offset the negative impact of the Senate's failure to push forward the Clarity Act, but political and legal risks still exist. The report points out that measures led by institutions such as the SEC, CFTC, and OCC can encourage institutions to participate in the cryptocurrency ecosystem in the short term, but only legislation can make the regulatory framework more sustainable. Before the comprehensive market structure bill is passed, political and legal risk premiums will continue to be high. At present, the cryptocurrency industry can only rely on a series of scattered regulatory measures, and if Democrats win the White House, these measures could be overturned within two years at the earliest.