[TD Cowen: CLARITY Crypto Bill Window Extended to August Recess, Potentially Delayed to 2027] According to a report by Jinse Finance, investment bank TD Cowen stated that the window for passing the crypto market structure bill (CLARITY Act) may be extended until the August congressional recess, countering the view that an agreement must be reached before the Easter recess. The report noted that both sides are nearing a compromise, including prohibiting interest on idle stablecoin balances while allowing transaction-based rewards. If congressional control shifts after the 2026 midterm elections, the bill could be delayed until 2027. TD Cowen's Washington Research Group pointed out that after the primaries, some legislators will have greater flexibility in negotiations later on. Currently, the bill is deadlocked due to disagreements between the crypto industry and the banking sector: banks are concerned about deposit outflows and are pushing to ban stablecoin yields on crypto platforms; meanwhile, Democrats are seeking to include conflict-of-interest provisions for government officials, which were opposed by Trump.