TD Cowen: Democratic Congress Would Sink CLARITY Act for Two Years

- TD Cowen’s Jaret Seiberg confirms the obvious: a Democratic Congress kills the CLARITY Act for two years. Elizabeth Warren chairs Banking, Maxine Waters watches housing, and Trump’s SEC/CFTC picks get blocked. The industry spent $200M to avoid this "meat wallet" outcome. Bitcoin dipped near $77,500 as prediction markets priced in the gridlock. Binance survived its hack; ETFs bled outflows; the Fed eyes December hikes. While regulators play Whac-A-Mole with agency chiefs, the bill dies on Jan 3 unless a lame-duck miracle occurs. If not, crypto policy defaults to bureaucratic inertia until 2027. Enjoy the silence while it lasts, because when the gavel drops, you’ll wish you’d hedged against politics.