TD Cowen: Crypto Market Structure Act may require Trump's intervention to facilitate compromise

TD Cowen stated that the Crypto Market Structure Act may require direct intervention from President Trump to facilitate a compromise if it is to make progress in Congress amidst disagreements and political resistance between banks and the crypto industry. The demands of Senate Democrats regarding investor protection, anti money laundering (AML), and conflicts of interest remain the main obstacles to legislation. The White House is in talks with banks and the cryptocurrency industry regarding the regulation of "stablecoin rewards". Banks are concerned about the diversion of deposits through stablecoin interest payments, while some cryptocurrency institutions believe that the relevant issues have been addressed in the GENIUS Act. TD Cowen pointed out that the timing of authorization and regulatory intensity are difficult points, and winning the support of about 10 Democrats in the Senate is still the biggest challenge.