TD Cowen: U.S. Crypto Bill Review Window May Extend to August Recess, Could Be Delayed Until 2027 If Not Passed

Gate News reports that on March 18, investment bank TD Cowen stated that the window for the U.S. to pass the Crypto Market Structure Act could be extended until the August recess, breaking the previous expectation that legislation needed to be completed before Easter recess. Jaret Seiberg, Managing Director of TD Cowen’s Washington research team, pointed out that Easter recess is not a critical milestone, and legislative work can continue before and after the recess. Additionally, with the primaries over, some lawmakers will have greater flexibility to negotiate. Seiberg believes that the August recess is the last meaningful legislative window; afterward, Congress will only be in session for 12 days in September and 2 days in October, enough only to handle spending bills and the National Defense Authorization Act. He also noted that if control of Congress changes after the 2026 midterm elections, the bill could be delayed until 2027. It is expected that the House may shift to Democratic control, and Democrats might choose to delay until 2027 to gain more influence. Currently, the crypto bill is stalled due to opposition from the banking sector over stablecoin yield profits and Democrats seeking conflict-of-interest provisions for government officials, but negotiations are reportedly close to reaching a compromise. Seiberg stated that if the bill is not passed by 2026, the SEC will provide the regulatory actions needed for the crypto industry.