US Crypto Bill Faces Major Hurdles Despite Growing Momentum

TD Cowen warns that the US crypto bill still faces major Senate hurdles despite growing momentum in Congress. The investment bank expects the Senate to begin formal consideration of the Clarity Act in July, but approval remains uncertain due to political disagreements and competing legislative priorities.

The firm's managing director, Jaret Seiberg, cautioned that approval is 'far from assured.' He noted that a key deadline is July 24, before the House begins its August recess. If lawmakers fail to advance the legislation by then, it may be too late to revisit the measure before campaigning intensifies ahead of the midterm election.

The report highlighted concerns about President Donald Trump's position on the bill. Democrats are expected to introduce amendments that would prohibit government officials and their families from owning cryptocurrency businesses, which could complicate passage in the Senate. Moderate Republican senators may not uniformly reject such amendments if they reach the floor.