Trump’s Second Term Creates Rare ‘Golden Window’ for Any Crypto Policy Progress: Report
A TD Cowen report suggests Trump's second term offers a rare policy window for significant, albeit incremental, crypto regulatory progress in 2026.Summary
A report from TD Cowen's Washington Research Group indicates that President Donald Trump's second term presents the most favorable policy environment for cryptocurrency since the industry's inception, characterizing 2026 as a 'golden window' for securing lasting policy gains through deregulation and targeted adjustments.
The firm anticipates changes arriving via agency guidance, exemptions, and market-structure adjustments rather than sweeping legislation. Specific expected developments include the SEC, under Chair Paul Atkins, issuing 'innovation exemptions' for tokenized stocks and bonds, potentially allowing instant settlement for retail investors, and clarifying the regulatory treatment of staking-as-a-service programs. On the banking front, the OCC has already granted national trust charters to crypto firms, deepening integration, and the Federal Reserve is considering 'Payment Master Accounts' for crypto firms to access payment rails.
TD Cowen stresses that timing is critical; rules finalized in 2026 must be durable to withstand potential reversal by a future Democratic administration in 2029. While legislative progress on Capitol Hill, centered on the CLARITY Act, is possible, it faces hurdles, particularly Democratic demands regarding ethics provisions aimed at Trump's business ties. The report notes that non-deregulatory initiatives, like tokenizing real-world records, are politically more durable.
(Source：Bitcoin Magazine)