JPMorgan Chase: Decreased probability of Clarity Act passing this year may weaken the outlook for the crypto market.

According to Odaily Planet Daily, analysts at JPMorgan Chase stated that the probability of the Clarity Act, the cryptocurrency market structure bill, passing the Senate before the end of this year has decreased, posing a negative factor for the cryptocurrency market. Analysts pointed out that market predictions show the probability of the bill passing this year has fallen to a low point, with Kalshi at 37% and Polymarket at 26%. JPMorgan Chase stated that the Senate's focus on other legislative matters before the summer recess, coupled with unresolved issues such as ethics clauses, enforcement powers, stablecoin yields, DeFi, and illicit finance, has made the bill's progress more uncertain. The bank had previously viewed the Clarity Act as a potential catalyst for the cryptocurrency market because it would establish a clearer regulatory framework for the digital asset industry: digital goods would be regulated by the CFTC, while digital securities would continue to be regulated by the SEC. Analysts believe that if the bill ultimately passes, it will help develop a more institutionalized market infrastructure, ease regulatory restrictions on DeFi and stablecoin issuers, increase domestic liquidity and trading volume in the United States, and lower the barriers to entry for brokerages, exchanges, market makers, custodians, and banks.