Investment bank TD Cowen: Trump's coin issuance may hinder the progress of bipartisan crypto legislation

Odaily News Investment bank TD Cowen said that the meme coin TRUMP launched by US President Trump may hinder the progress of bipartisan crypto market structure legislation.
“Democrats will demand details on whether foreign governments and business interests used token purchases to curry favor with Team Trump, jeopardizing the ability to gain the bipartisan support needed to push crypto bills into law,” TD Cowen’s Washington research group, led by Jaret Seiberg, wrote in a Tuesday note.
Seiberg said the launch of TRUMP made it difficult for Congress to agree on a bipartisan crypto market structure bill, which would be critical to addressing the legal uncertainty that limits crypto’s investor base.
Seiberg noted that Democrats are expected to scrutinize Trump's purchases, price increases and the Trump family's cash-out efforts, while Republicans are likely to defend Trump, exacerbating partisan divisions. "We also don't expect the Trump family or the Trump administration to cooperate with any Democratic investigations." (The Block)