⚖️ TD Cowen: After a Democratic sweep, a crypto-friendly CLARITY Act would be “impossible.” 📉 According to analysts, the legislation could be blocked for two years 🏦 Sherrod Brown’s return to the Senate plays a central role 🔍 Democrats intend to investigate Trump’s crypto connections 🔍 TD Cowen analysts see in this scenario not only a delay, but also the near-impossibility of any market structure bill supported by the industry. 💡 The market has recently treated regulatory clarity as a tailwind. If this catalyst is removed for two years, it eliminates a key argument institutional investors have frequently cited. I wouldn’t interpret this as a crash signal, but rather as a dampener for the narrative of a regulatory spring. Investigations into Trump’s crypto dealings could additionally generate headlines that harm the sector politically. 🎯 I’m monitoring whether the industry shifts its lobbying efforts toward Democrats. If it fails to do so, regulation will remain the domain of agencies and courts—not Congress—for the foreseeable future. Source: Bitcoin Magazine #Bitcoin #CLARITYAct