TD Cowen: The probability of the Crypto Market Structure Act passing this year is only about 33%

TD Cowen Executive Director Jaret Seiberg stated in a research report on Monday that the outlook for the Clarity Act, a cryptocurrency market structure bill, is becoming increasingly pessimistic, with a probability of only about 33% for the Senate to push it forward and pass it by the House of Representatives. The bill is still stuck in the US Senate, and Congress has entered a two-week Easter recess. Seiberg pointed out that the stablecoin yield compromise proposed by Senators Thom Tillis and Angela Alssobrooks may not satisfy either party, or inhibit liquidity management on cryptocurrency platforms and threaten the core deposit business of banks. The bill is most likely to be pushed forward before the August recess of Congress in late July, but senators' expectations for the probability of passing have significantly decreased.