The Block reported that U.S. investment bank TD Cowen identified five additional obstacles to the enactment of the Clarity Act, in addition to the issue of stablecoin profits. Jaret Seiberg, Managing Director of TD Cowen's Washington Research Group, cited the shortage of staff at the Commodity Futures Trading Commission (CFTC) as the first issue. He stated, "Currently, the CFTC has only one commissioner, Michael Selig, and the approval of additional commissioners could take several months, so procedures must begin within 4-6 weeks to meet the processing deadline by the end of July. The second is the potential inclusion of prediction market regulation, which, combined with concerns about insider trading and conflicts of interest related to the Trump family, could lead to a departure of Democrats. The third is the WLFI project linked to the Trump family, where controversies such as restrictions on early investor token sales are making it difficult for Democrats to support the bill. The fourth is the report of Iran accepting cryptocurrency payments, with discussions of receiving Strait of Hormuz tolls in cryptocurrency, which could lead to demands for stronger anti-money laundering (AML) and Bank Secrecy Act (BSA) provisions. The fifth is the Credit Card Competition Act, and there is a possibility that Senators Dick Durbin and Roger Marshall will try to include it in the Clarity Act." Meanwhile, Galaxy Digital sees a 50% chance of the bill passing this year, while TD Cowen maintains a more conservative outlook at 30%.
