Investment bank TD Cowen reported that the political environment surrounding the U.S. Clarity Act continues to deteriorate, making its passage this year less likely. According to The Block, Jarret Seiberg, managing director of TD Cowen's Washington Research Group, stated, "The political environment surrounding the Clarity Act is getting worse. It is unlikely that the bill will be enacted into law this year. Earlier this month, the Senate Banking Committee advanced the bill despite opposition from Democrats and the banking industry, but this means the debate has moved to the full Senate rather than reaching a consensus. Major obstacles still remain regarding the conflict of interest provisions. The recent series of events surrounding President Donald Trump and his administration make it even more difficult for Democrats to support cryptocurrency legislation."
