The Clarity Act, viewed by JPMorgan as the strongest route to comprehensive crypto regulation, has stalled in the Senate after a failed cloture vote. JPMorgan analysts including Kenneth Worthington said the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator) could try to fill the gap through their own rulemaking, but warned those measures might not survive a change in administration. Reversal would leave the crypto industry without the bill-based regulatory clarity it has pursued through years of lobbying. The legislation has not technically been abandoned because the current congressional session is still open, although its prospects are bleak. The odds of passage before year-end fell to about 6.6% after the failed vote, Crypto Briefing reported.