TD Cowen's Jaret Seiberg reports that political tensions are diminishing the chances of the CLARITY Act passing in 2026. The investment bank's research highlights that controversies involving President Trump have complicated bipartisan support, with Democrats pushing for conflict-of-interest provisions and Republicans hesitant to advance the bill. Seiberg suggests that lawmakers might delay action until after the midterm elections, with the legislative window potentially closing by August. If unresolved, the bill's passage could be postponed until 2027, reflecting the challenging political landscape.