TD Cowen: The battleground for the crypto bill vote has shifted to the full Senate, but "significant hurdles" remain.

CoinFeed reported on May 12th that, according to The Block, investment bank TD Cowen stated that the U.S. Senate Banking Committee will vote on the CLARITY bill, a crypto market structure bill, on May 14th. However, this does not mean the bill will become law; the vote simply shifts the battleground to the full Senate. TD Cowen Managing Director Jaret Seiberg pointed out that the bill still faces "significant hurdles," including stablecoin yield issues and ethical or conflict-of-interest clauses. Even if it passes the Banking Committee, it needs to be merged with the Senate Agriculture Committee version and obtain 60 votes in the Senate. Seiberg believes that the stablecoin yield issue makes it difficult to simultaneously meet the needs of Coinbase, the crypto industry, and banks, and Congress typically avoids choosing between powerful interest groups.