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Investment bank TD Cowen says the likelihood of the crypto market structure bill, the 《Clarity Act》, passing this year is declining because the political environment surrounding it continues to deteriorate. 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 without conflict-of-interest limiting provisions. The report also notes that some Republican lawmakers may be inclined to postpone moving the legislation forward because they are unwilling to take a position on the related amendments. TD Cowen previously estimated that if the bill fails to make progress this year, it may be pushed to be handled after 2027, and the final rules could be delayed until 2029. (The Block)