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TD Cowen: Progress on crypto legislation faces obstacles, not only the controversy over stablecoin yields

MeNews
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ME News Report, April 23 (UTC+8), investment bank TD Cowen stated that the disagreements surrounding the CLARITY Act go far beyond stablecoin yield issues, with multiple practical obstacles potentially slowing down the legislative process. First, the Commodity Futures Trading Commission is short-staffed, with only one commissioner remaining in office. In this situation, Congress is unlikely to entrust the agency with more cryptocurrency regulation responsibilities, and filling the vacancies itself could take several months. Second, prediction market issues are heating up. Whether to include them in the bill’s regulation, as well as potential insider trading and political conflicts of interest (including disputes related to projects associated with Trump), could cause some Democratic lawmakers to oppose the bill. Meanwhile, ongoing controversy over Trump family’s crypto project, World Liberty Financial, is also increasing the political sensitivity of the bill, making bipartisan consensus more difficult. Geopolitical factors have also become variables. Discussions about Iran possibly using crypto payments are intensifying focus on anti-money laundering provisions, and may even lead to amendments unfavorable to the industry. Additionally, some lawmakers are attempting to include the Credit Card Competition Act, which, if advanced, could trigger new conflicts of interest and further delay overall legislation. (Source: ChainCatcher)
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