TD Cowen: Democratic Sweep Makes a Crypto-Backed CLARITY Act ‘Impossible’

The Democratic sweep and Sherrod Brown’s return may kill the CLARITY Act for two years and may make any industry-backed version impossible as Democrats investigate Trump’s crypto ties, TD Cowen analysts write. The Democratic sweep of Congress closes the door on crypto market structure legislation like the Clarity Act for the next two years and may rule out any version the industry would support, TD Cowen told clients in a note published after the Associated Press called both chambers. “We view this outcome as negative for our sectors,” Washington analyst Jaret Seiberg wrote.