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JPMorgan said U.S. regulators are partly offsetting the negative impact of the Clarity Act’s defeat, but more durable long-term regulation is still needed, The Block reported.
According to a report by a research team led by JPMorgan analyst Nikolaos Panigirtzoglou, regulator-led measures could, in the short term, encourage institutional investor participation in the crypto ecosystem. Over the longer term, however, the team said only legislation can provide a more robust foundation. Without related legislation, political and legal risks still remain, it added, noting the market currently has to rely on regulatory measures that could be reversed within two years if a Democratic candidate wins the White House.