TD Cowen: Trump's CLARITY Act Social Media Post Constructive but Insufficient

TD Cowen has stated that U.S. President Donald Trump's social media post regarding the CLARITY Act is constructive, according to PANews. However, the post alone is not enough to advance the legislative process. Direct involvement from the President in negotiations between banks and the crypto industry is necessary to break the current deadlock. This is unlikely amid the ongoing armed conflict between the United States and Iran.The legislative process is currently hindered by two major issues: stablecoin yields and conflicts of interest. Despite multiple closed-door meetings at the White House, no compromise has been reached. TD Cowen believes that even if the stablecoin yield issue is resolved, the bill would still need the support of at least 10 Democratic senators. The anticipated deadline for the CLARITY Act is before the start of the August recess.