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TD Cowen: Cryptocurrency Bill Advancement Stalled, Not Just the Stablecoin Yield Controversy

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, and there are multiple real-world obstacles that may slow down the legislative process. First, the Commodity Futures Trading Commission is understaffed, with only one commissioner currently in office. Under these circumstances, it is difficult for Congress to feel comfortable assigning more crypto regulatory responsibilities to the agency, and filling the personnel gaps itself will take months. Second, the prediction market issue is heating up. Whether to include it in the bill’s regulatory scope, and potential insider trading and political conflicts of interest (including controversies involving projects linked to Trump), could cause some Democratic lawmakers to turn against the bill. At the same time, 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 is also becoming a variable. Discussions about Iran possibly using crypto payments are intensifying focus on anti-money laundering provisions and may even introduce amendments unfavorable to the industry. In addition, some lawmakers are trying to include the Credit Card Competition Act as part of the package; if it moves forward, it could trigger new conflicts of interest and further weigh down the overall legislation. (Source: ChainCatcher)
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