The Senate's Sept. 15 failure to invoke cloture on the CLARITY Act stalled the leading route to comprehensive U.S. crypto market-structure rules, while JPMorgan analysts led by Kenneth Worthington estimated the bill's chance of passing before year-end at about 6.6%. JPMorgan said SEC and CFTC rulemaking could fill the regulatory gap, but those measures may be reversed by a future administration, leaving the industry without durable statutory clarity. Grayscale cited the SEC's Sept. 17 conditional approval for on-chain trading of tokenized stocks as evidence that regulation continues advancing through agency action, although the current congressional session remains open and the legislation has not technically been abandoned.