Senate Delay Slows Institutional Adoption of Cryptocurrency

The U.S. Senate has put off voting on the CLARITY Act until after its August recess, leaving the cryptocurrency market uncertain about regulatory clarity.

JPMorgan had previously described the bill as a significant potential catalyst for institutional adoption, but now says declining odds of passage this year are a headwind for the broader crypto market.

The proposed legislation would split oversight of digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission, reducing compliance burdens that have pushed issuance and trading activity offshore.