TD Cowen flags worsening political environment for the CLARITY Act TD Cowen's Washington Research Group warned that the political environment for the CLARITY Act is deteriorating, despite May's bipartisan Senate Banking advance. Analyst Jaret Seiberg has kept his passage odds well below market consensus all year. The persistent obstacles: Section 307 conflict-of-interest provisions that would bar the President, Vice President, and members of Congress from trading crypto, which directly hits Trump family ventures including World Liberty Financial, American Bitcoin, and solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN / solana:FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P memecoins. Senator Tillis (@SenThomTillis) is holding firm on ethics language. TD Cowen still sees a path to 2027 passage with 2029 implementation if the bill is delayed past the next inauguration. Galaxy Research had previously put 2026 odds at 75%. The gap between bullish and bearish forecasters is now wide. Lummis (@SenLummis) says June is "probably pretty optimistic." TD Cowen says she might be right.