JPMorgan’s institutional desk has flagged that the window for passing the CLARITY Act before year-end is rapidly closing, yet the token tied to the bill’s narrative holds at $1.21 amid mounting regulatory uncertainty. The warning from strategist Nikolaos Panigirtzoglou reshapes market expectations for digital asset clarity in 2025.
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JPMorgan’s Shift: From Base Case to Bottleneck
In a June 4 note to clients, Panigirtzoglou wrote: “The working assumption among institutional desks – that the bill clears both chambers before year-end – is no longer the base case it was even a month ago.” The bank’s flow and liquidity desk identified a calendar bottleneck, not a political one, with Congress facing a finite number of session days before the August recess. This shift in tone from one of the most closely followed crypto analysts on Wall Street has sent ripples through allocator chats and Bloomberg terminal reads.
⚠️ Analyst view, unconfirmed: Some market participants interpret JPMorgan’s note as a tactical recalibration rather than a fundamental bearish call on the CLARITY Act’s eventual passage.