Upcoming crypto bill vote shifts fight to full Senate, ‘major obstacles’ remain TD Cowen says
Investment bank TD Cowen warns that the upcoming crypto bill vote is just a procedural step, with major legislative hurdles still ahead.Summary
Investment bank TD Cowen suggests that the scheduled May 14 vote on the Clarity Act in the Senate Banking Committee is a tactical political move rather than a sign of imminent passage. According to Jaret Seiberg, the vote merely transitions the debate to the full Senate, where significant disagreements persist. Key obstacles include conflicting interests regarding stablecoin yield, a lack of ethics and conflict-of-interest provisions—particularly concerning the business ties of President Donald Trump—and unresolved concerns about anti-money laundering and market manipulation standards. Seiberg notes that the bill remains unlikely to pass this year without significant compromise or direct intervention, potentially delaying final implementation until 2029.
(Source：The Block)