TD Cowen: The advancement of cryptocurrency laws is hindered, and there is more than just controversy over stablecoin returns Odaily Planet Daily News: Investment bank TD Cowen stated that the disagreements surrounding the CLARITY Act go far beyond the issue of stablecoin returns, and there are multiple practical obstacles that may slow down the legislative process. Firstly, there is a shortage of manpower in the Commodity Futures Trading Commission, with only one member currently in office. In this situation, it is difficult for Congress to confidently delegate more crypto regulatory responsibilities to the agency, and filling the personnel itself would take several months. Secondly, it is predicted that market issues are heating up. Whether to include it in the regulation of the bill, as well as the potential involvement of insider trading and political conflicts of interest (including controversies related to Trump's projects), may lead some Democratic lawmakers to turn against the bill. Meanwhile, the ongoing controversy surrounding the Trump family's crypto project World Liberty Financial is also increasing the political sensitivity of the bill, making it more difficult to form bipartisan consensus. Geopolitics has also become one of the variables. The discussion about Iran's possible use of encrypted payments is intensifying attention to anti money laundering provisions and may even introduce amendments that are detrimental to the industry. In addition, some lawmakers are attempting to include the Credit Card Competition Act together, which, if pushed forward, may trigger new conflicts of interest and further drag down the overall legislation.