TD Cowen warns 'major obstacles' remain as crypto Clarity Act vote shifts fight to full Senate

The Senate Banking Committee is scheduled to vote on the Clarity Act — the landmark crypto market structure bill — on Thursday, pushing forward despite vocal opposition from banks and Democratic members. TD Cowen analysts, however, are urging investors not to read the committee vote as a signal of imminent enactment.

"It is why we see this vote as shifting the fight to the full Senate rather than as an indicator of a deal," TD Cowen said, flagging that "major obstacles" remain on the path to law. The bank bloc and Democratic holdouts represent a meaningful coalition that could stall or reshape the bill before it ever reaches a floor vote.

For crypto markets, the framing matters: a committee passage that still faces a contested Senate floor fight is a procedural step, not a green light. Regulatory clarity for digital assets remains a moving target.