Clarity Act unlikely to pass this year, says TD Cowen

The likelihood of the Clarity Act passing this year is diminishing as the political environment surrounding the bill continues to deteriorate, according to investment bank TD Cowen. The Block reported that Jaret Seiberg, a managing director at TD Cowen's Washington Research Group, noted that the political climate for the bill has worsened, making it improbable that it will become law this year. Although the Senate Banking Committee advanced the legislation earlier this month despite opposition from Democrats and the banking sector, Seiberg explained this signifies the debate has moved to the full Senate rather than a consensus being reached. He added that major obstacles remain, particularly concerning conflict-of-interest provisions. Seiberg also assessed that recent events surrounding President Donald Trump and his administration are making it more difficult for Democrats to support cryptocurrency legislation.