Investment bank TD Cowen: The Crypto Market Structure Bill may be delayed until 2027 for approval and implemented in 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 may take longer than expected, with the passage of relevant bills possibly delayed until 2027, and actual implementation potentially postponed to 2029.

In a report released on Monday, TD Cowen pointed out that although there is still a path to push forward the crypto market structure bill this year, political maneuvering in the U.S. Congress makes the likelihood of delays higher. The institution believes that the Democratic Party currently lacks the motivation to accelerate the legislative process, especially as they anticipate regaining control of the House of Representatives in the 2026 midterm elections.

The report also noted that election results are always full of uncertainty, so Democrats may reach an agreement, and this could happen quickly, as staff have already spent months researching technical terms. Time favors the passage of the bill; if the bill is passed in 2027 and takes effect in 2029, the issue will disappear. The cryptocurrency industry needs to accept that the presidential election may affect the final rules, and Democrats also need to accept that conflict of interest provisions do not apply to Trump.