Investment bank TD Cowen said that the likelihood of the crypto market structure bill 《Clarity Act》 passing this year is declining, due to the continued deterioration of the political environment. TD Cowen analyst Jaret Seiberg believes that recent controversies involving U.S. President Donald Trump have made it harder for Democrats to support the bill in the absence of conflict-of-interest restriction provisions. The report also noted that some Republican lawmakers may choose to delay advancing the legislation because they are unwilling to take a position on the related amendments. TD Cowen previously expected that if the bill cannot gain traction this year, it may be pushed back to handling it after 2027, with the final rules possibly taking effect as late as 2029. (The Block)