US Banking Giant Warns of Delays in Crypto Regulation Bill, ‘Things are Not Going Well’

A major US banking firm, TD Cowen, has issued a concerning update regarding the progress of cryptocurrency regulation legislation. The bank warns that the ongoing government shutdown is significantly hampering efforts to pass the crucial CLARITY Act, which aims to provide a comprehensive regulatory framework for the crypto industry. This delay in passing the bill could impact altcoin ETF approvals like XRP and Solana (SOL), which are currently awaiting SEC approval. TD Cowen’s report suggests that negotiations on the bill have stalled due to political disagreements between Democrats and Republicans.