JPMorgan Chase said recent U.S. regulatory developments could attract institutional investors to crypto markets, despite delays to the Clarity Act. Analysts led by Nikolaos Panigirtzoglou expect the legislation to remain stalled until 2027, prolonging uncertainty over industry rules.
SEC and CFTC Expand Regulatory Options
The Securities and Exchange Commission introduced a five-year exemption for tokenized stocks in September, allowing firms to test the technology while preserving shareholders’ financial and voting rights. However, companies are not required to tokenize their shares.
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Meanwhile, the Commodity Futures Trading Commission is exploring ways to expand leveraged crypto trading on regulated U.S. platforms. JPMorgan expects these initiatives to take time to influence market activity, potentially extending into 2027.
Bank Charters and Stablecoin Adoption
The Office of the Comptroller of the Currency has granted national trust bank charters to stablecoin issuers and digital asset firms. However, community banks have challenged aspects of the approvals in court, raising questions about the regulator’s authority.
Additionally, the Financial Accounting Standards Board is considering whether certain stablecoins should qualify as cash equivalents. The public comment deadline is November 19.
JPMorgan said broader stablecoin adoption could support corporate payments and liquidity management. However, the bank expects congressional legislation to remain essential for providing lasting legal certainty and supporting institutional participation in digital asset markets.
Related: Trump’s GENIUS Act Stablecoin Rules: Can USDT and USDC Holders Still Earn Rewards in 2027?
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