Trump’s social media post on crypto bill ‘not enough’ to move legislation, TD Cowen says

Investment bank TD Cowen has expressed skepticism regarding the legislative impact of former President Donald Trump’s recent pro-crypto statements on social media. Despite Trump’s vocal support for the digital asset industry on platforms like Truth Social, TD Cowen analysts led by Jaret Seiberg argue that these posts are ‘not enough’ to guarantee the passage of major cryptocurrency legislation in the current Congress. While the House of Representatives recently passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with bipartisan support, the bank suggests that the Senate remains a significant hurdle. The report highlights that while Trump’s stance may influence the political narrative heading into the election, it does not fundamentally change the legislative math or the regulatory complexities required to enact comprehensive crypto reform this year.

Source: Trump’s social media post on crypto bill ‘not enough’ to move legislation, TD Cowen says