Investment bank TD Cowen: Crypto market structural legislation may be delayed until 2027 for approval and implemented by 2029

BlockBeats News, January 6 — According to The Block, investment bank TD Cowen stated that the U.S. legislative process aimed at establishing clear rules for the cryptocurrency market could take longer than expected, with the passage of relevant bills possibly delayed until 2027, and actual implementation potentially pushed back to 2029. In a report released on Monday, TD Cowen noted that although there are still pathways to pass the crypto market structure bills this year, political battles in the U.S. Congress increase the likelihood of delays. The firm believes that the Democrats currently lack the motivation to accelerate legislation, especially given their expectation of regaining control of the House in the 2026 midterm elections. They also mentioned that election outcomes are always uncertain, so Democrats might reach an agreement, which could happen soon as staff have been researching technical provisions for months. Time favors the passage of the bill; if it is passed in 2027 and takes effect in 2029, the issue will be resolved. The cryptocurrency industry needs to accept that the presidential election could influence the final rules, and Democrats also need to accept that conflict of interest clauses do not apply to Trump.