TD Cowen Investment Bank: Crypto Market Structure Bill May Be Postponed to 2027 for Approval, Implementation Expected by 2029

January 6th — Per The Block, investment bank TD Cowen has noted that the U.S. legislative process to establish clear cryptocurrency market rules may take longer than expected, with relevant legislation potentially passing as late as 2027 and actual implementation delayed until 2029. In a report released Monday, TD Cowen pointed out that while there remains a path to advance crypto market structure legislation this year, political maneuvering in Congress makes an extension more likely. The firm believes Democrats currently lack incentive to fast-track the bill, particularly as they eye regaining control of the House of Representatives in the 2026 midterm elections. It also noted that election outcomes are always uncertain, so Democrats could reach an agreement quickly — staffers have been vetting technical terms for months, and timing favors the bill’s passage. If the legislation passes in 2027 and takes effect in 2029, the issue would be resolved. The crypto industry must accept presidential elections may impact final rules, while Democrats need to acknowledge conflict-of-interest provisions do not apply to Trump.