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BTC 
ETH JPMorgan warns of legislative risks in cryptocurrency markets
JPMorgan recently issued a warning that the continued delay of the Digital Asset Markets Clarification Act is posing an increasingly serious threat to the structural integrity of the cryptocurrency market. The bank's research team believes that every day the legislative process is delayed, the greater the damage to institutional liquidity and will hinder the wider deployment of Bitcoin and Ethereum in corporate finance.
JPMorgan said that the declining probability of passing the Clarification Act this year poses a setback for cryptocurrency market and institutional adoption, adding that the bill will provide regulatory clarity and encourage banks and asset management companies to expand digital asset business.
Given the political uncertainty ahead of the U.S. midterm elections, JPMorgan Chase has significantly lowered the probability of passing this year's Clarification Act from the previous 66% set in June to below 50%.
What will the Clarity Act bring?
The Clarity Act will establish a clearer regulatory framework for digital assets by dividing the jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while building a more predictable rule system for cryptocurrency intermediaries, tokenization projects, and decentralization projects.
By establishing clear rules, the bill is expected to increase the confidence of banks, brokers, exchanges and asset management companies to invest, launch products and build market infrastructure, accelerating the migration of trading and liquidity to regulated U.S. trading venues.
JPMorgan pointed out that the time window for Congress to pass the Clarification Act this year is rapidly narrowing due to the approaching mid-term elections and unresolved disputes over whether stablecoins can pay interest.
Main obstacles and prospects
The debate over whether stablecoins can provide benefits remains the biggest obstacle, with banks and cryptocurrency companies divided on this issue. Currently, the "Clarification Bill" is on the Senate agenda, but a full vote has not yet been scheduled. The Senate's August recess deadline means that the window for passage of the bill in 2026 may close soon.
The passage of thebill will start the next phase of institutional digital asset adoption, and the delay will cause regulatory uncertainty to persist for longer.
