JPMorgan (JPM) said the proposed U.S. crypto market structure bill, known as the Clarity Act, may have only a limited window for passage this year as the congressional calendar tightens ahead of the midterm elections and debate over stablecoin yield remains unresolved.

“With the U.S. midterms approaching, the legislative window for passage of the Market Structure Bill has narrowed, which could postpone progress on
crypto market-structure reform this year,” wrote analysts led by Nikolaos Panigirtzoglou in the Wednesday report.

The bill cleared the Senate Banking Committee on May 14, but must still secure 60 votes in the full Senate, be reconciled with House legislation and receive the president’s signature. Those remaining steps, coupled…