Catenaa, Wednesday, March 04, 2026– JPMorgan analysts said a US crypto market structure bill could win approval by midyear and lift digital asset markets in the second half of 2026, even as sentiment remains weak.
The proposed legislation, known as the CLARITY Act, would establish a federal framework for digital assets. The House has advanced the measure, while debates continue in the Senate.
Analysts led by Nikolaos Panigirtzoglou said passage could end what the industry calls regulation by enforcement and draw more institutional participation.
The bill would classify tokens as either digital commodities overseen by the Commodity Futures Trading Commission or digital securities regulated by the Securities and Exchange Commission.
A grandfather provision could place certain exchange-traded fund linked tokens under CFTC oversight.
The measure also outlines a grace period allowing new projects to raise up to $75 million annually without full SEC registration while working toward decentralization.
It creates a path for tokens sold as securities to later transition to commodity status once decentralized.
Other provisions address registration and custody standards for intermediaries, tax treatment for staking, and limited exemptions for small crypto transactions.
The bill also clarifies that tokenized securities remain subject to existing securities laws.
Disagreements persist over stablecoin yield rules and conflict-of-interest limits for senior officials.
