TD Cowen: The probability of the Crypto Market Structure Act passing this year is only one in three

BlockBeatNews · 2026-04-01T00:52:48+00:00

TD Cowen Managing Director Jaret Seiberg is pessimistic about the prospects of the CLARITY Act passing in the U.S. crypto market, believing there is only a one-in-three chance of it passing this year. He pointed out that the compromise solutions for stablecoin yields are insufficient to advance the bill, and that congressional action will be needed to push it through. If there is any progress, it is most likely to be achieved just before the congressional recess at the end of July or in August.

BlockBeatNews

2026-04-01 00:52:48

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BlockBeats message, April 1, according to a report by The Block, TD Cowen’s Washington research group managing director Jaret Seiberg said that prospects for the passage of the U.S. crypto market structure bill, the “CLARITY Act,” have become “increasingly bleak,” with only a one-in-three chance of passage this year. He noted that recent compromise proposals regarding stablecoin yield are “not enough” to move the bill forward: the proposal both fails to meet the demands of crypto platforms such as Coinbase and makes it difficult to allay banks’ concerns about core deposit flight.

Seiberg believes the bill could pass only if Congress were to ignore Coinbase and the banking industry’s objections and push a compromise through by force—something he described as an exception rather than the norm. He expects that if the bill makes progress, the most likely timing would be around the end of July, just before the August recess. Congress is currently in a two-week Easter recess.

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