TD Cowen analysts have issued a research note asserting that significant legislative progress on cryptocurrency market structure reform requires a direct political boost, most likely from former President Donald Trump. The firm notes that while landmark legislation, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), has successfully passed the House of Representatives with bipartisan backing, its path through the Senate and subsequent signing into law faces steep hurdles.
The core challenge identified by TD Cowen is the ongoing regulatory uncertainty and political gridlock. Despite growing congressional support for establishing clear rules between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), Senate leadership prioritization and resistance from key Democratic figures remain strong obstacles.
According to the firm, Mr. Trump’s personal intervention—potentially involving vocal public support or direct lobbying of Republican congressional leaders—would inject the necessary political capital to compel the Senate to take up the measure urgently. His recent alignment with the crypto industry and his public criticism of regulatory overreach position him uniquely to break the legislative stalemate.
The analysis concludes that without this high-level political pressure and clear signaling from a major party leader, the market structure bill is likely to languish, unable to overcome the substantial partisan and bureaucratic resistance before the close of the current legislative session.
Source: Trump’s ‘personal intervention’ likely needed to advance crypto market structure bill, TD Cowen says
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