The odds of the CLARITY Act becoming law this year are fading, according to TD 
Cowen, even after the bill cleared key legislative hurdles in the Senate. 
While the measure successfully passed through the Senate Agriculture Committee 
and the Senate Banking Committee, a full Senate vote—and the final approval 
needed to send the bill to the finish line—now looks increasingly unlikely 
before year’s end. CLARITY Act Momentum Hits New Wall TD Cowen managing 
director Jaret Seiberg, writing in a Tuesday note from the firm’s Washington 
Research Group, said his team remains pessimistic that the CLARITY Act will be 
enacted this year. In his view, the main challenge is political: whether 
Democrats can support the bill if it includes provisions aimed at addressing 
presidential conflicts of interest. Related Reading: Ethereum Price Roadmap 
For The Rest Of 2026: Bull, Base, And Bear Scenarios Unpacked At the same 
time, Seiberg warned that Republicans could become more reluctant to advance 
the legislation if doing so requires them to vote against amendments intended 
to target or respond to Trump-related concerns. Seiberg said the progress in 
the Senate Banking Committee earlier this month does not necessarily signal a 
broad agreement across parties. Although the committee advanced the bill 
despite objections from Democrats and banks, he described that outcome as 
shifting the fight to the full Senate rather than resolving the underlying 
disputes. Seiberg also pointed to several Trump-related developments he says 
are making the political environment tougher for the CLARITY Act. One driver, 
he noted, is a legal case involving the Internal Revenue Service (IRS) that 
has already been resolved. Washington Tensions Rise The dispute resulted in 
the creation of a $1.776 billion anti-weaponization fund and permanently bars 
the IRS from auditing past tax returns for Trump, his family, and related 
companies. Seiberg’s takeaway is that the fallout from that dispute is likely 
to further raise the temperature in Washington, making it harder to find 
consensus on legislation like the already delayed CLARITY Act. Seiberg also 
cited a recent New York Times investigative report alleging that prediction 
markets and crypto-related interests may have influenced efforts aimed at the 
Commodity Futures Trading Commission (CFTC). He stressed that, as of his note, 
the claims have not been confirmed. Still, he pointed to a response from CFTC 
Chair Michael Selig, who told the New York Times that the agency is focused on 
major wrongdoing and is not “playing favorites.” Related Reading: XRP, ETH, 
SOL, LINK Look Cheap—The Catalysts That Could Drive The Next Leg Up Another 
factor cited in the TD Cowen note involves government financial disclosures 
released earlier this month. Those reports indicated that roughly 3,600 stock 
trades were executed on Trump’s behalf during the first three months of 2026. 
Seiberg argued that the surrounding controversy makes it more likely that 
lawmakers choose delay over action—especially as the midterm election 
approaches and the political calendar narrows the window for additional 
postponements. Featured image created with OpenArt; chart from TradingView.com

The odds of the CLARITY Act becoming law this year are fading, according to TD Cowen, even after the bill cleared key legislative hurdles in the Senate. While the measure successfully passed through the Senate Agriculture Committee and the Senate Banking Committee, a full Senate vote—and the final approval needed to send the bill to &#8230;

CLARITY Act Clock Ticks Down: TD Cowen Says 2026 Passage Looks Less Likely–Here’s Why

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CLARITY Act Clock Ticks Down: TD Cowen Says 2026 Passage Looks Less Likely–Here’s Why

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