According to CoinMeta, and as reported by The Block, analysts at JPMorgan Chase stated that recent policy measures by U.S. regulators have partially offset the negative impact of the Clarity bill being stalled in the Senate. However, political and legal risks will continue to persist. The SEC has introduced a five-year exemption for tokenized stock innovations, CFTC is exploring allowing regulated platforms to offer leveraged crypto trading, OCC has granted national trust licenses to stablecoin issuers and digital asset companies, and FASB is considering allowing companies to classify certain stablecoins as cash equivalents. JPMorgan Chase believes that these measures will help attract institutional participation in the short term, but they may be overturned by future governments and cannot replace congressional legislation. The Clarity bill is not expected to pass this year and may be revisited in 2027. Until comprehensive market structure legislation is implemented, the crypto industry will still face a high premium of political and legal risks.