US Senate · The Block
Upcoming crypto bill vote shifts fight to full Senate, ‘major obstacles’ remain TD Cowen confirms
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The upcoming vote on the crypto market structure bill, or Clarity Act, on May 14, does not mean the bill will become law, according to investment bank TD Cowen.
Key facts
- Seiberg has previously said that passing the bill will likely require personal involvement from Trump, and that the bill could be delayed to 2027, with final rules potentially taking effect in 2029
- The upcoming vote on the crypto market structure bill, or Clarity Act, on May 14, does not mean the bill will become law, according to investment bank TD Cowen
- Advancing the bill out of the Banking Committee would allow it to be combined with the Senate Agriculture Committee version of the legislation, Seiberg said
- It is why we see this vote as shifting the fight to the full Senate rather than as an indicator of a deal," Jaret Seiberg, managing director at TD Cowen's Washington Research Group, said in a note
Summary
The Senate Banking Committee on Friday officially scheduled the long-awaited vote on the crypto bill despite objections from banks over the treatment of stablecoin yield and from Democrats over the lack of ethics or conflict-of-interest provisions. "It is why we see this vote as shifting the fight to the full Senate rather than as an indicator of a deal," Jaret Seiberg, managing director at TD Cowen's Washington Research Group, said in a note on Monday. "This is a smart political move as time is running short, as we believe the full Senate must vote before the August recess for the bill to be enacted this year," Seiberg added.