JPMorgan stated that the declining likelihood of the U.S. Clarity Act passing is a setback for crypto markets, warning that further delays in the market structure legislation could undermine a key regulatory catalyst for digital assets. The bank noted that prediction markets now imply only a 37% chance of the legislation passing before year-end, as the Senate prioritized other bills and negotiations remain deadlocked over various provisions. The proposed act aims to establish clearer oversight of digital assets by dividing jurisdiction between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), and is widely viewed as crucial for institutional crypto adoption.