J.P. Morgan: The likelihood of the Clarity Act passing this year has decreased, putting pressure on the outlook for the crypto market

According to Coindesk, JPMorgan Chase (JPM) stated that the decreased probability of the "Clarity Act" passing in the U.S. Senate this year poses a blow to the crypto market, and warned that further delays could undermine one of the industry's most important regulatory catalysts. JPMorgan noted that, due to the Senate prioritizing other bills before the summer recess, the market currently predicts that the probability of this bill passing before the end of the year is only 37%. Negotiations regarding ethical clauses, enforcement, DeFi, stablecoin yields, and anti-money laundering rules remain stalled.