2028 Could Erase Crypto’s Agency Wins – JPMorgan

On Oct. 22, JPMorgan analysts led by Nikolaos Panigirtzoglou said U.S. crypto regulatory gains built on agency actions could be reversed as soon as two years after the 2028 presidential election if a Democrat wins the White House. The Senate failed to advance the Clarity Act in September, and the bank expects it not to pass this year, though it may return in 2027. Until legislation passes, the industry relies on measures such as the SEC’s Sept. 17 Innovation Exemption, which gives certain tokenized-securities venues and liquidity providers five years of conditional relief from exchange and dealer definitions.