TheBlock
TD Cowen's Washington policy team has assessed that a comprehensive crypto market structure bill is unlikely to clear Congress this year, citing a deteriorating political environment as the primary obstacle. The call carries weight: TD Cowen's analysts have a strong track record reading legislative timelines on Capitol Hill, and their pessimism reflects the broader gridlock that has stalled financial regulation across the board.
The assessment lands at a sensitive moment for the industry. Crypto firms and lobbyists have spent heavily on legislative access since the 2024 election cycle, banking on a friendlier Congress to deliver clarity on token classification, exchange oversight, and stablecoin frameworks. A prolonged delay pushes those structural questions into 2026 at the earliest — an election year that historically makes controversial financial legislation even harder to move.
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