JPMorgan: The CLARITY Act Is “Not Completely Dead,” but the Window for Its Passage Is Extremely Narrow

• JPMorgan analysts believe the CLARITY Act could return for a revote in the U.S. Senate before the current Congress wraps up.
• At the same time, they estimate there is little time left for further negotiations on the bill.
• Amid uncertainty around the document, the crypto market’s focus could shift to the SEC and the CFTC.

The CLARITY Act “is not definitively dead” after failing a procedural vote in the U.S. Senate, but the window for passing it this year remains very limited. This is stated in a JPMorgan research note, The Block reports.

Senators voted 49 to 50 to advance the measure, while 60 votes were required. At the same time, Senator Thom Tillis, who took part in drafting and negotiating the bill, voted against it at the last moment and filed a motion for reconsideration.

According to JPMorgan analysts, this procedural step gives Senate Republicans an opportunity to bring the CLARITY Act back to the floor.

CLARITY Act Could Be Brought Back for a Revote

JPMorgan noted that the bill remains on the Senate calendar, and leadership could schedule another vote before the current Congress adjourns at the end of the year.

Analysts recalled that the GENIUS Act, which has already become law, also failed its first cloture vote. In their view, this points to a precedent where a crypto bill can return for consideration after an unsuccessful procedural vote.

At the same time, the timeline for the CLARITY Act remains tight. JPMorgan sees limited room for further negotiations over roughly two and a half weeks of Senate work ahead of the midterm elections. Another potential window to continue work could be the post-election “lame-duck” session.

Analysts also noted that key backers of the bill may be disappointed with how negotiations have unfolded and, as a result, may be less willing to keep discussing amendments or push for additional time to work on the measure.

JPMorgan Expects More Focus on the SEC and the CFTC

Amid uncertainty around the CLARITY Act, investors and crypto market participants may focus on the SEC’s and the CFTC’s actions.

In JPMorgan’s assessment, regulators can set rules that give crypto companies a certain level of clarity and could help attract additional capital into the sector.

At the same time, such rules have less legal durability than a law passed by Congress. Future administrations can change or repeal regulatory standards, and the rules themselves can become the subject of court challenges.

“While regulators’ rulemaking can put certain safeguards in place to reassure the crypto ecosystem and instill some confidence to support capital inflows, we recognize that agency rules are less durable than legislative acts,” JPMorgan analysts noted.

According to them, a regulator can change its own rules under the next administration, whereas repealing a law would require a new decision by Congress.

As a reminder, Incrypted’s editorial team previously compiled experts’ views on the bill’s failure:

CLARITY Act Fails in the US Senate: How the Crypto Community Reacted, and Whether Analysts See Signs of a Bottom?

16.09.2026

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