Odaily Planet Daily News: The Washington research team under the investment bank TD Cowen pointed out that the U.S. Market Structure Act, aimed at clarifying the regulatory framework for cryptocurrencies, although it still has a path forward this year, is more likely to be delayed until 2027 for passage and formally implemented around 2029 due to political dynamics in Congress. Jaret Seiberg, Managing Director and head of the team, stated that the Democratic Party lacks the motivation to accelerate legislation before the 2026 midterm elections, especially given the expectation of potentially regaining control of the House of Representatives.
Seiberg noted that the main disagreement over the bill centers on the conflict-of-interest provisions, with Democrats likely pushing for restrictions on senior government officials and their families engaging in cryptocurrency businesses, including Donald Trump. However, if these provisions were to take effect immediately, they might struggle to gain support from the Trump camp unless the effective date is delayed by several years. TD Cowen suggested that delaying the implementation of the entire bill along with the conflict-of-interest provisions could serve as a compromise path. Reports indicate that this market structure bill is seen as the next key regulatory milestone following the stablecoin "GENIUS Act," but it would require at least 60 votes in the Senate to pass. The Democratic Party's strategic maneuvering over the timeline could also further delay the legislative process. (The Block)