# JPMorgan Says Agency Actions Cannot Replace CLARITY Act Legislation By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/39006 Published: 2026-10-23T13:34:27.000Z Updated: 2026-10-23T13:34:27.000Z Section: Regulation > The analysts see near-term support for institutional participation but expect passage to remain unlikely in 2026, with the bill potentially returning in 2027. JPMorgan analysts say recent U.S. agency actions may support near-term institutional crypto participation after the Senate stalled the CLARITY Act, but do not remove political and legal risks. The analysts expect passage in 2026 to be unlikely, with the legislation potentially returning in 2027. They say political and legal risk premiums are likely to remain elevated until Congress passes a broad market-structure law. Agency measures could be reversed by a future administration and do not offer the durability of legislation. The [Sept. 15 Senate vote]() failed to advance the bill in a procedural vote; it was not a final vote on the legislation. The Securities and Exchange Commission released a five-year Innovation Exemption for tokenized stocks. The Commodity Futures Trading Commission is exploring ways to allow regulated platforms to offer leveraged crypto trading, but the effort remains at an early stage and is unlikely to move forward before 2027. The Office of the Comptroller of the Currency granted national trust charters to stablecoin and digital-asset firms. The Financial Accounting Standards Board is considering whether certain digital assets, including stablecoins, may qualify as cash equivalents. ## Links in this article - [Sept. 15 Senate vote](https://www.tokenpost.com/news/regulation/36201)