JPMorgan Says U.S. Crypto Rules Remain Exposed Without Market-Structure Law

U.S. crypto markets are gaining new regulatory pathways through federal agencies, but JPMorgan analysts say the lack of a market-structure law leaves the framework exposed to political and legal shifts. Analysts led by Nikolaos Panigirtzoglou describe the agency initiatives as a near-term aid to institutional participation. They say legislation would provide a more lasting foundation. The Senate failed to advance the CLARITY Act in September, and the analysts consider passage in 2026 unlikely; they say work may resume in 2027. The Securities and Exchange Commission’s five-year Innovation Exemption creates a temporary route for some tokenized stocks.