The CLARITY Act remains procedurally alive after failing a U.S. Senate vote, but JPMorgan says the already narrow window for passage this year continues to shrink. The bill received 49 votes in favor and 50 against on September 15, falling short of the 60 votes needed to advance to floor debate. Republican Senator Thom Tillis later filed a motion to reconsider after switching to a no vote, preserving a route for Republican leadership to bring the bill back before Congress adjourns. JPMorgan analysts led by Kenneth Worthington said the bill is not completely dead but faces steep practical obstacles, including limited Senate session days before the midterm elections, a short lame-duck period and signs of fatigue among supporters. The bank expects market focus to shift toward digital-asset rulemaking by the SEC and CFTC. Such rules could improve regulatory clarity and attract capital, but would be less durable than congressional legislation because a new administration or court rulings could alter them. Investors are also watching whether the SEC creates an innovation exemption for crypto projects, including tokenized stocks.