JPMorgan analysts suggest that while current regulatory actions provide temporary relief, they cannot replace the comprehensive framework proposed by the CLARITY Act. The Senate failed to advance the bill in September, and experts believe its passage is unlikely this year, potentially delaying the initiative until 2027.
The SEC has introduced a five-year Innovation Exemption program for tokenized shares, though synthetic instruments are excluded and trading platforms face restrictions. JPMorgan notes that more issuers are opting out of tokenization, which has negatively impacted sentiment toward blockchain tokens like Ethereum amid weakening ETF inflows.
The CFTC is exploring the possibility of allowing leveraged crypto trading on regulated US platforms, though this initiative is in its early stages and unlikely to progress before 2027. Meanwhile, the Office of the Comptroller of the Currency is granting national trust licenses to more stablecoin issuers and crypto firms, bringing custody and reserve management under federal oversight.
The Financial Accounting Standards Board is considering a proposal to classify certain stablecoins as cash equivalents, with public comments open until November 19. JPMorgan analysts believe this change could expand the use of stablecoins in corporate payments and liquidity management, despite ongoing legal challenges from the Independent Community Bankers of America.
