Clarity Act outlook drifts for two years, TD Cowen assumes Democratic control of both chambers

TD Cowen analyst Jaret Seiberg said in a November 3 election-day note that the Clarity Act is unlikely to pass within the next two years if Democrats win both chambers of the U.S. Congress, per Bitcoin Magazine. Seiberg argued a Democratic sweep could trigger investigations into President Donald Trump's crypto interests, worsening the legislative environment for the market structure bill. He based his conditional call on polling and prediction markets, including Kalshi, which he said assign a high probability to Democrats taking both the House and Senate. The view matters because the Clarity Act is the sector's main hope for comprehensive U.S. crypto market structure legislation. Watch the final midterm seat counts and whether a divided Congress revives the bill's odds.