BlockBeats news: On January 6, according to The Block, investment bank TD Cowen stated that the U.S. legislative process aimed at establishing clear regulations for the cryptocurrency market may take longer than expected. The passage of related bills could be delayed until 2027, with actual implementation potentially postponed until 2029.
In a report released on Monday, TD Cowen noted that although there remains a path to passing the crypto market structure bill this year, political dynamics in the U.S. Congress make a delay more likely. The firm believes that Democrats currently lack the incentive to accelerate legislative progress, especially given their assessment that they are likely to regain control of the House of Representatives in the 2026 midterm elections.
They also noted that election outcomes are always uncertain, so Democrats might reach an agreement, a scenario that could happen quickly since staff have been studying technical details for months. Timing favors passage of the bill—if it is passed in 2027 and takes effect in 2029, the issue will disappear. The cryptocurrency industry needs to accept that presidential elections may influence the final rules, while Democrats also need to accept that conflict-of-interest provisions do not apply to Trump.