CLARITY Act Won't Make 2026, TD Cowen Says. Here's What Changed.

TD Cowen just pumped the brakes on CLARITY Act expectations. Their analysts looked at the congressional calendar and realized something obvious: there's not enough time or political will to get this done before 2026 ends. The timing is brutal. With midterms reshuffling priorities and lawmakers juggling a dozen other bills, crypto regulation keeps getting pushed down the stack.

So what actually changed? Not much, honestly. The bill itself hasn't moved significantly since last year. Congress stays as divided as ever on whether to treat crypto as a commodity or something else entirely. But TD Cowen's shift signals that even the optimists are losing confidence in a quick resolution, which matters because it affects how the industry plans around regulatory uncertainty.

The real question is whether this kills momentum entirely or just extends the timeline. Either way, crypto projects building in the US are still operating in limbo, and another year of waiting means another year of uncertainty for founders making long-term decisions about where to ship their code.