US Congress · CLARITY Act · Elizabeth Warren · Democrats · Bitcoin Magazine
TD Cowen: Democratic Congress Would Sink CLARITY Act for Two Years
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TD Cowen’s Jaret Seiberg says a Democratic sweep of Congress would kill the CLARITY Act for two years, hand Elizabeth Warren the Banking Committee and let Democrats block Trump’s picks for the SEC and CFTC.
Key facts
- Bitcoin traded near $77,500 Tuesday afternoon eastern time, up from a dip to $76,300 in the morning and about $2,000 below where it opened the month
- The market structure bill passed the House 294-134 in July 2025 and failed a Senate cloture vote 49-50 on Sept. 15
- TD Cowen’s Jaret Seiberg says a Democratic sweep of Congress would kill the CLARITY Act for two years, hand Elizabeth Warren the Banking Committee and let Democrats block Trump’s picks for the SEC
- According to various reports, crypto groups have spent more than $200 million on the cycle to avoid the outcome Seiberg now expects
Summary
A Democratic sweep of Congress would end the CLARITY Act’s chances for the next two years and sour the political climate for crypto, TD Cowen’s Washington analyst Jaret Seiberg wrote to Bitcoin Magazine and clients in an election-day note. Seiberg wrote that TD Cowen agrees with polls and prediction markets that Democrats are likely to take both chambers, with the caveat that polls taken a month out, which were more mixed, tend to beat those taken on the eve of a vote. His conclusion for crypto is blunt: “Democrats will likely investigate Trump including his crypto entanglements. The market structure bill passed the House 294-134 in July 2025 and failed a Senate cloture vote 49-50 on Sept. 15.