Regulatory measures partially offset the impact of the lack of progress in the Clarity Act, and Morgan Stanley claims that political and legal risks still exist Odaily Planet Daily News: JPMorgan analyst Nikolaos Panigirtzoglou stated in a report that recent measures 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. Measures led by institutions such as SEC, CFTC, and OCC can encourage institutional participation 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; If Democrats win the White House, existing measures could be overturned within two years at the earliest. Panigirtzoglou believes that the likelihood of the Clarity Act passing this year is low and may be postponed until 2027. At present, the sentiment in the cryptocurrency market is still relatively optimistic, and the market is paying attention to what measures the SEC, CFTC, and OCC will take to facilitate institutions' entry into the cryptocurrency field.