Crypto markets have lacked conviction, as traders struggle to identify a catalyst strong enough to lift prices out of their current lull. Bitcoin has remained range-bound around mid-$60,000, while ether is trading around $2,000, and volumes across major exchanges have thinned.

The digital assets market is thirsty for a solid catalyst, and JPMorgan says it has identified one — market structure legislation in the U.S., called the Clarity Act.

“While sentiment remains negative in crypto markets, we continue to believe that a potential approval of the market structure legislation most likely by mid year could serve as a positive catalyst for crypto markets into the second half of the year,” analysts led by Nikolaos Panigirtzoglou said in…