TD Cowen ‘increasingly pessimistic’ on crypto bill, sees one-in-three odds of passage this year
TD Cowen is increasingly doubtful the crypto Clarity Act will pass this year, estimating a one-in-three chance of success.Summary
Investment bank TD Cowen has expressed growing pessimism regarding the passage of the crypto market structure bill, known as the Clarity Act, in the U.S. Senate this year. Jaret Seiberg of TD Cowen’s Washington Research Group believes the recent compromise proposal on stablecoin yield is insufficient to advance the bill. While a bipartisan compromise is still possible before the August recess, the likelihood is diminishing, with even optimistic senators tempering their expectations. TD Cowen currently estimates a one-in-three probability of the Senate passing a version of the Clarity Act that the House will also approve. The firm suggests the bill's passage would likely require Congress to disregard objections from Coinbase and banks, a scenario they deem possible but uncommon, leading to their overall pessimistic outlook.
(Source：The Block)