JPMorgan said U.S. regulatory moves partly offset the Senate’s failure to advance the Clarity Act, but political and legal risks remain without a market-structure law. Analysts led by Nikolaos Panigirtzoglou said in a Wednesday report, according to The Block, the bill is unlikely to pass this year and may return in 2027. They cited the SEC’s five-year Innovation Exemption, CFTC work on leveraged crypto trading and OCC trust charters for stablecoin firms, challenged by the ICBA. The FASB is weighing cash-equivalent treatment for some stablecoins, with comments open until Nov. 19. Tokenization opt-outs and weaker ETF flows and futures positioning have hurt application-token sentiment; regulatory steps cannot replace durable congressional legislation.