Crypto market structure bill could be delayed to 2027, with implementation in 2029, TD Cowen says

TD Cowen's Washington Research Group believes that while a path exists for the US crypto market structure bill to pass this year, political dynamics in Congress make delays more likely, potentially pushing approval to 2027 and implementation into 2029. A major hurdle is conflict-of-interest language Democrats want to include, which would bar senior officials and their families, including President Trump, from crypto businesses. This provision is seen as a "nonstarter" for Trump unless its effective date is significantly delayed, potentially past the next inauguration. One proposed compromise involves making the conflict provision effective three years post-enactment, which might require Democrats to agree to delay the entire bill by three years. The legislation aims to establish a clear regulatory framework for digital assets, but overcoming a Senate filibuster requires significant bipartisan support, giving Democrats leverage to delay passage until after the 2026 midterm elections.

(Source：The Block)