TD Cowen Sees US Crypto Market Legislation Potentially Pushed to 2027 Passage and 2029 Rollout

A confidential TD Cowen analysis indicates U.S. cryptocurrency market structure legislation might not be passed until 2027, with implementation possibly extending to 2029, due to political divisions and conflict-of-interest concerns. Some lawmakers, including Senate Banking Committee Chair Tim Scott, still point to progress toward an early 2026 markup, underscoring disagreement over the timeline. The uncertainty comes as Bitcoin trades above $93,000 and market participants look for clearer regulatory signals.