TD Cowen: The cryptocurrency market structure bill may be delayed until 2027 for passage and implemented in 2029

According to The Block, investment bank TD Cowen stated that the U.S. legislative process aimed at establishing clear rules for the cryptocurrency market may take longer than expected, with the passage of related bills potentially delayed until 2027, and actual implementation possibly postponed until 2029.

In a report released by TD Cowen on Monday, it was noted that while there is still a path to push for the passage of the cryptocurrency market structure bill this year, the political maneuvering in the U.S. Congress increases the likelihood of delays. The agency believes that the Democratic Party currently lacks the motivation to accelerate legislative progress, especially considering their expectation of regaining control of the House of Representatives in the 2026 midterm elections.

It also stated that election outcomes are always filled with uncertainty, so Democrats may reach an agreement, which could happen soon as staff have been researching technical terms for months. Timing favors the passage of the bill; if the bill is passed in 2027 and takes effect in 2029, then the issue will disappear. The cryptocurrency industry needs to accept that the presidential election may affect the final rules, and Democrats also need to acknowledge that conflict of interest provisions do not apply to Trump.