TD Cowen ‘increasingly pessimistic’ on crypto bill, sees one-in-three odds of passage this year
TD Cowen expresses skepticism on the likelihood of the U.S. crypto market structure bill passing in 2026
TD Cowen, an investment bank, has expressed increasing pessimism regarding the prospects of the U.S. cryptocurrency market structure bill passing in 2026. According to reports, the bank estimates only a one-in-three chance of the bill being enacted this year, citing political uncertainty and legislative delays as key factors.
Key concerns include political and regulatory challenges
The analysis highlights that bipartisan concerns and ongoing debates—such as the stablecoin yield issue—are likely to stall progress on crypto legislation. TD Cowen warns that the bill may be delayed until 2027, with implementation potentially pushed to 2029.
2027 and beyond seen as more plausible for passage
While TD Cowen acknowledges that some progress could occur in 2026, it emphasizes that the real threat to passage lies in the 2028 presidential election, where political dynamics may further complicate legislative efforts. The bank suggests that the current legislative session is unlikely to see any of the proposed crypto market structure bills become law.
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來源：https://www.theblock.co/post/395943/td-cowen-increasingly-pessimistic-crypto-bill