The passage of the crypto market structure bill, or Clarity Act, before the November midterm election is "far from assured," as major hurdles remain, according to investment bank TD Cowen.
The Senate is expected to begin considering the Clarity Act during the week of July 13, with Senate Majority Leader John Thune likely to begin the procedural process that could lead to a floor vote either that week or during the week of July 20, Jaret Seiberg, managing director at TD Cowen's Washington Research Group, said in a Monday note.
However, Seiberg said the bill still faces significant political and policy hurdles, with July 24 being the key deadline before the House leaves for its August recess. He questioned whether the bill could pass later in the year if lawmakers fail to approve it before then.
"We continue to question if the bill can pass in the fall before the election," Seiberg wrote.
Clarity Act hurdles
