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TD Cowen, the financial-services research firm, is urging caution on one of the crypto industry's most-anticipated legislative bets: the firm says passage of the crypto market structure bill — formally known as the Clarity Act — is "far from assured" before the November midterm election.
That assessment is a direct challenge to any trade or business plan built around expecting a near-term regulatory framework for digital assets in the United States.
What TD Cowen Is Actually Saying "Far from assured" is deliberate language. It is not a flat prediction of failure, but it is a firm signal to clients that the Clarity Act should not be treated as a near-term catalyst.
The Clarity Act is described in the source as a market structure bill — the kind of legislation that would define how digital assets are classified, traded, and overseen.
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