Trump’s ‘personal intervention’ likely needed to advance crypto market structure bill, TD Cowen says

Investment bank TD Cowen, via Managing Director Jaret Seiberg, believes that advancing crypto market structure legislation in Congress requires President Donald Trump's personal intervention to force necessary compromises between the crypto and banking industries. A key sticking point in negotiations, currently being discussed in a White House meeting, involves how stablecoin rewards should be treated, with banks fearing deposit drain and crypto firms arguing banks seek to limit competition. Seiberg notes that while stablecoin rewards are inevitable, the debate centers on timing and regulatory oversight. Furthermore, industry infighting and the need to secure significant Democratic support—who will likely demand stronger investor protections and anti-money-laundering standards—pose major hurdles. The sensitivity around potential conflicts of interest, heightened by a recent report concerning an Abu Dhabi royal's investment near Trump's inauguration, also pressures Democrats to hold firm on stricter rules, making the path to passage increasingly difficult.

(Source：The Block)