TD Cowen: US Crypto Market Structure Bill May Be Delayed Until 2027, Implementation Earliest in 2029

Odaily News Investment bank TD Cowen's Washington research team noted that the US market structure bill aimed at clarifying the regulatory framework for cryptocurrencies, while still having a path forward this year, is more likely to be delayed until 2027 for passage and officially implemented around 2029 due to congressional political maneuvering. Jaret Seiberg, the team's head and managing director, stated that Democrats lack the incentive to accelerate legislation before the 2026 midterm elections, especially given expectations of potentially regaining control of the House of Representatives.

Seiberg pointed out that the main disagreements over the bill center on conflict-of-interest provisions. Democrats may push for restrictions on senior government officials and their families participating in crypto businesses, which could include Donald Trump. However, if such provisions were to take effect immediately, they might struggle to gain support from Trump's camp unless their implementation is postponed for several years. TD Cowen believes that if the overall bill's implementation is delayed along with the conflict provisions, it could become a path to compromise. The report stated that this market structure bill is seen as the next key regulatory milestone following the stablecoin "GENIUS Act." However, it requires at least 60 votes for support in the Senate, and Democrats' strategic timing could further delay the legislative process. (The Block)