JPMorgan is warning that a softer path for the Digital Asset Market Clarity Act could remove one of crypto's clearer near-term policy catalysts.

CoinDesk reported Thursday that the bank views falling odds of Senate passage this year as a setback for the market. The report said prediction markets recently implied a 37% chance of passage before year-end, after the Senate prioritized other items and the bill remained caught in negotiation.

The CLARITY Act is the main U.S. market-structure proposal for digital assets. Its core role is to clarify when tokens and trading venues fall under securities or commodities oversight, a question that has shaped enforcement risk for exchanges, brokerages, token issuers, and asset managers. GovInfo lists H.R. 3633 as the Digital Asset Market Clarity Act of 2025 and as referred in the Senate, confirming that the measure is still short of becoming law.

The conservative takeaway is not that the bill is dead. Senate negotiations have already produced multiple drafts, and lawmakers may still revive the timetable. But the market had treated passage as a major signal that U.S. digital-asset rules were moving from enforcement-driven uncertainty toward explicit statutory lanes.

For crypto firms, delay means product planning remains exposed to agency interpretation and election-year politics. For investors, it weakens a policy story that had helped frame 2026 as a year of institutional infrastructure building.