According to CoinMeta, analysts at JPMorgan Chase stated that as the U.S. Senate shifts its legislative focus to other agendas, the market expectations for the clarity bill to pass within the year have dropped to their lowest level this year. Analysts believe that the bill is generally beneficial to the development of the crypto market, but provisions in the current draft that allow DeFi to trade tokenized securities and derivatives outside of the jurisdiction of SEC and CFTC, as well as the lower requirements for some crypto institutions AML, may dampen institutional interest in participating. JPMorgan Chase warns that if the approval of the bill continues to be delayed, the development of tokenization and on-chain financial applications may be absorbed more by traditional financial infrastructure rather than benefiting public blockchain networks.