TD Cowen: US Crypto Bill Deliberation Window May Extend to August Recess, If Not Passed or Delayed to 2027

BlockBeats News, March 18th - Investment bank TD Cowen stated that the U.S. timeline for the Cryptocurrency Market Structure Bill may be extended to the August recess, breaking the earlier expectation of passing legislation before the Easter break. TD Cowen's Washington Research Group Managing Director Jaret Seiberg pointed out that the Easter recess is not a key deadline, and legislative work can continue both before and after the break. With the primaries ending, some lawmakers will have more flexibility to negotiate.

Seiberg believes that the August recess is the last meaningful legislative window, as after that, Congress will only meet for 12 days in September and 2 days in October, just enough to deal with spending bills and defense authorization. He also reiterated that if there is a change in congressional control after the 2026 midterm elections, the bill may be delayed until 2027. It is expected that the House of Representatives may shift to Democratic control, and the Democrats may choose to postpone the bill to 2027 to seek greater leverage. Currently, the crypto bill is deadlocked due to the banking sector's opposition to stablecoin yields and the Democrats seeking conflict of interest provisions for government officials, but negotiations between the two sides are reportedly close to reaching a compromise. Seiberg stated that if it does not pass in 2026, the SEC will provide the regulatory action needed for the crypto industry. (The Block)