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TD Cowen: Democratic Congress Would Sink CLARITY Act for Two Years
TD Cowen’s Jaret Seiberg says a Democratic sweep of Congress would kill the CLARITY Act for two years, hand Elizabeth Warren the Banking Committee and let Democrats block Trump’s picks for the SEC and CFTC.
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On election day, TD Cowen analyst Jaret Seiberg told Bitcoin Magazine and clients that a Democratic sweep of Congress would likely stall the CLARITY Act for two years and sour the climate for crypto. He said the firm shares the view of surveys and betting markets that Democrats are set to win both chambers. The House passed the market structure bill 294-134 in July 2025, but a Senate cloture vote on Sept. 15 was defeated 49-50. Should it stall before the next session begins on Jan. 3, it expires and needs reintroducing. Seiberg sees Senate control as the bigger stake, since Democrats could block Trump's nominees and press for seats at the FDIC, SEC and CFTC. A CLARITY negotiator, Sen. Angela Alsobrooks, says a lame-duck vote is still possible.
Why it matters: The analysis suggests crypto rules could increasingly be shaped agency by agency, making who runs the SEC, CFTC and FDIC central to policy.
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