108-year-old bank says one Senator could derail the crypto bill

The White House wants it. The industry wants it. But Senator Thom Tillis isn't ready to sign off just yet.

According to investment bank TD Cowen, Tillis has emerged as the latest roadblock for the Digital Asset Market CLARITY Act. Despite strong White House backing, he is not moving until ethics rules are baked into the bill.

As a key member of the Senate Banking Committee, Tillis has been blunt about where he stands. 

"There has to be ethics language in the bill before it leaves the Senate, or I'll go from one of the people working on negotiating it to voting against it," he told Politico.

Related: Over 100 crypto firms call on Senate to move forward with Clarity Act

The demand carries particular weight. Jaret Seiberg, managing director at TD Cowen’s Washington Research Group, noted on April 27 that such rules would likely touch the business interests of the Trump family directly. 

With Tillis not seeking re-election, analysts read this as a legacy play, a deliberate effort to ensure that the officials shaping crypto law can't quietly profit from it.

Trump pushes the 'everything exchange' vision

This legislative friction arrives just days after President Donald Trump signaled that the Digital Asset Market CLARITY Act is a top priority. On April 25, the president hosted an exclusive gathering at his Mar-a-Lago club for holders of the $TRUMP memecoin. 

During the event, he issued a stern warning to the banking industry, telling them not to get in the way of crypto legislation. 

The White House, he promised, would protect the market structure bill from being "ruined" by banking lobbyists who have spent months arguing that stablecoin reward rules could cannibalize traditional bank accounts. Crypto, Trump declared, has officially "become mainstream."

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A growing list of hurdles

The presidential enthusiasm hasn't moved TD Cowen's math. Beyond the ethics standoff, Seiberg flagged five additional obstacles. 

These include a shortage of commissioners at the Commodity Futures Trading Commission (CFTC), concerns regarding Iran’s use of digital payments, and conflicts tied to the Trump-linked project World Liberty Financial.

While the industry has gained massive political influence, the bank currently sees only a one-in-three chance that the bill passes this year. Seiberg warned that if these hurdles are not resolved soon, the final rules for the American crypto market might not take effect until 2029.

Related: Cardano founder warns of 15-year trap in crypto regulation