JPMorgan Sees 63% Chance of CLARITY Act Failure in Senate

JPMorgan analysts are warning that the prospects of the CLARITY Act passing in the Senate have taken a hit, with odds now at just 37%. The bill aims to encourage institutional investment and boost US-regulated trading.

The Senate's failure to pass the legislation by summer recess is a setback for crypto markets. According to JPMorgan, further delays give traditional finance infrastructure a bigger head start over public crypto networks.

Citadel Securities' $400 million investment in Crypto.com and the CFTC approving the first US-regulated perpetual crypto futures contracts are examples of momentum building regardless of the bill's fate.