JPMorgan: US Clarity Act unlikely to pass this year

JPMorgan has assessed that the Clarity Act, a U.S. crypto market structure bill, is unlikely to pass this year, CoinDesk reported. Analysts at the bank, including Nikolaos Panigirtzoglou, stated that the approaching U.S. midterm elections have shortened the legislative timeline, which could delay progress on crypto market structure reform. JPMorgan explained that while the bill passed the Senate Banking Committee on May 14, it still faces significant hurdles. These include securing 60 votes in the full Senate, reconciling the bill with a House version, and obtaining a presidential signature. Opposition from the banking sector has further lowered expectations for the bill's passage this year.