JPMorgan: Clarity Act Not Dead Yet After Narrow Senate Vote

JPMorgan analysts are telling clients that the Clarity Act is not dead yet after it failed to clear a Senate procedural vote on Tuesday. The bill, aimed at clarifying the crypto market structure, needed 60 votes but only got 49-50.

The team led by Kenneth Worthington noted that the GENIUS Act, now law, also failed its first cloture vote, so there is precedent in crypto-related legislative proceedings. However, they see little appetite among backers for another round of amendment fights in the remaining Senate floor time before the midterm elections.

JPMorgan expects investors to watch the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which can set guardrails but cannot match a statute for durability. SEC Chair Paul Atkins and CFTC Chair Michael Selig intend to keep writing crypto rules, and the industry is still waiting on a possible SEC innovation exemption covering tokenized equities.