Donald Trump · CLARITY Act · US Senate · The Block
TD Cowen confirms crypto bill unlikely to pass this year amid worsening political environment
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The crypto market structure bill, or the Clarity Act, is becoming less likely to pass this year as the political environment around the legislation continues to worsen, according to investment bank TD Cowen.
Key facts
- The deal came as Trump agreed to drop his $10 billion lawsuit against the IRS in exchange for the establishment of a fund for people he believes were wronged by federal investigations or prosecutions
- Seiberg also pointed to financial disclosures released by the government earlier this month showing that around 3,600 stock trades were executed on Trump's behalf during the first three months of 2026
- Seiberg has previously said that the window to pass the crypto bill likely extends until the August recess, and that delays could push passage to 2027, with final rules potentially not taking effect
- The political environment is getting worse for the Clarity Act," Jaret Seiberg, managing director at TD Cowen's Washington Research Group, said in a note on Tuesday
Summary
"The political environment is getting worse for the Clarity Act," Jaret Seiberg, managing director at TD Cowen's Washington Research Group, said in a note on Tuesday. Notably, earlier this month, the Senate Banking Committee advanced the bill despite objections from Democrats and banks. In his latest note, Seiberg said a series of recent developments involving President Donald Trump and his administration are making it politically harder for Democrats to support the crypto bill. One issue highlighted by Seiberg involves a recently settled legal case between Trump and the Internal Revenue Service.