[TD Cowen: Advancing the Crypto Market Structure Bill May Require Trump's Direct Involvement] According to a report by Jinse Finance, TD Cowen stated that given the divide between banks and the crypto industry, as well as political resistance, progress on the crypto market structure bill in Congress may require direct intervention from President Trump to facilitate a compromise. Even if the industry reaches a consensus, demands from Senate Democrats regarding investor protection, anti-money laundering (AML), and conflict of interest remain the main obstacles to legislation. The report mentions that the White House is consulting with banks and the crypto industry on the regulation of 'stablecoin rewards.' Banks are concerned that interest-bearing stablecoins could divert deposits, while some crypto institutions believe that related issues have already been addressed in the 'GENIUS Act.' TD Cowen pointed out that the real challenges lie in the timing of authorization and the intensity of regulation; meanwhile, securing the support of approximately 10 Senate Democrats remains the biggest hurdle.