JPMorgan diagnosed that the best plan for comprehensive regulation of the cryptocurrency industry failed in the Senate, and that regulator-led alternative solutions are also unlikely to have a long shelf life. According to CryptoBriefing, JPMorgan analysts including Kenneth Worthington stated in their latest report, "While the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) say they will fill the regulatory void created by the defeat of the Clarity Act's cloture vote with their own rulemaking, it's important to remember that this could be overturned by the next administration. In that case, the cryptocurrency industry would lose the bill-based regulatory clarity it had sought to secure through years of lobbying." They added, "Since the congressional session has not yet ended, the Clarity Act is not completely dead in a technical sense. However, the future outlook is pessimistic. After the defeat, the probability of the Clarity Act passing before the end of the year plummeted to approximately 6.6%."
