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TD Cowen: Crypto bill progress stalled, not just stablecoin yield controversy

MeNews
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ME News reports that on April 23 (UTC+8), investment bank TD Cowen stated that the disagreements surrounding the CLARITY Act go far beyond the issue of stablecoin returns, with multiple practical hurdles potentially slowing the legislative process. First, the Commodity Futures Trading Commission is understaffed, currently with only one commissioner in office. Under these circumstances, Congress is unlikely to feel comfortable assigning more crypto regulatory responsibilities to the agency, and filling its personnel gaps alone will take several months. Second, the issue of prediction markets is heating up. Whether to include them under the bill’s oversight, along with potential insider trading and political conflicts of interest (including controversies tied to Trump-related projects), may cause some Democratic lawmakers to turn against the bill. Meanwhile, ongoing controversies surrounding the Trump family’s crypto project, World Liberty Financial, are increasing the bill’s political sensitivity, making cross-party consensus even harder to achieve. Geopolitics has also become a variable. Discussions about Iran potentially using crypto payments are sharpening the focus on anti-money laundering provisions, and could even introduce amendments unfavorable to the industry. Additionally, some lawmakers are attempting to incorporate the Credit Card Competition Act into the package, which, if advanced, could trigger new conflicts of interest and further drag down the overall legislation. (Source: ChainCatcher)
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