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TD Cowen: The advancement of crypto legislation is hindered, and there is more than just the controversy over stablecoin yields.

MeNews
ME News: On April 23 (UTC+8), investment bank TD Cowen said that the disagreements surrounding the “CLARITY Act” go far beyond the issue of stablecoin yields, and that multiple real-world obstacles could slow the legislative process. First, the Commodity Futures Trading Commission is understaffed, with only one commissioner currently in office. In such circumstances, it would be difficult for Congress to feel confident about assigning additional crypto regulatory responsibilities to the agency, and filling the staffing gaps itself would take several months. Second, the question of prediction markets is heating up. Whether to include them under the bill’s regulatory scope, and potential insider trading and political conflicts of interest (including controversies involving projects linked to Trump), could lead some Democratic lawmakers to shift to opposing the bill. At the same time, the ongoing controversies surrounding the Trump family’s crypto project, World Liberty Financial, are also increasing the bill’s political sensitivity, making it harder to form cross-party consensus. Geopolitics has also become a variable. Discussions about the possibility that Iran could use crypto payments are intensifying attention on anti-money-laundering provisions, and may even introduce amendments that are unfavorable to the industry. In addition, some lawmakers are trying to bundle the “Credit Card Competition Act” as well; if it moves forward, it could trigger new conflicts of interest and further weigh down the overall legislation. (Source: ChainCatcher)
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