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- JPMorgan said crypto regulation led by the SEC and CFTC lacks long-term sustainability after the Clarity Act failed in a Senate procedural vote.
- JPMorgan analysts said rulemaking by the SEC and CFTC could be reversed by the next administration, making it harder for the crypto industry to secure the statutory regulatory clarity it has long sought.
- JPMorgan added that the Clarity Act has not been completely derailed because the congressional session has not ended, but the odds of the bill passing before year-end fell to about 6.6% after the failed vote.
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JPMorgan said cryptocurrency regulation driven by the Securities and Exchange Commission and the Commodity Futures Trading Commission lacks long-term sustainability after the Clarity Act failed to advance in a procedural vote in the U.S. Senate.
Crypto Briefing reported on Sept. 17 that JPMorgan analysts led by Kenneth Worthington said in a recent report that the SEC and CFTC could use their own rulemaking to fill the regulatory gap. But those steps could be reversed by the next administration.
That, the analysts wrote, could make it difficult for the crypto industry to achieve the statutory regulatory clarity it has sought for years if regulators’ actions are later rolled back.
JPMorgan said the Clarity Act has not been completely derailed because the current congressional session has not yet ended. Still, the bank took a pessimistic view of the outlook, adding that the probability of the bill passing before year-end fell to about 6.6% after the failed vote.
Source: en.bloomingbit.io