The Block reported that US investment bank TD Cowen identified five additional obstacles, besides the stablecoin revenue issue, hindering the enactment of the Clarity Act. Jaret Seiberg, Managing Director of TD Cowen's Washington Research Group, cited the understaffing of the Commodity Futures Trading Commission (CFTC) as the first issue. He stated, “Currently, the CFTC has only one Commissioner, Michael Selig, and the approval of additional commissioners could take several months, meaning the process must begin within 4-6 weeks to meet the late July deadline. The second is the potential inclusion of prediction market regulations, which, coupled with insider trading concerns and conflict of interest issues related to the Trump family, could cause Democrats to defect. The third is the WLFI project linked to the Trump family, where controversies such as restrictions on early investor token sales are making it difficult for Democrats to support the bill. The fourth is the report on Iran's acceptance of cryptocurrency payments, with the discussion of receiving Strait of Hormuz tolls in cryptocurrency potentially leading to demands for stronger anti-money laundering (AML) and Bank Secrecy Act (BSA) provisions. The fifth is the Credit Card Competition Act, which Senators Dick Durbin and Roger Marshall might try to include in the Clarity Act,” he said. Meanwhile, Galaxy Digital sees a 50% chance of the bill passing this year, while TD Cowen maintains a more conservative outlook at 30%.
