[TD Cowen: U.S. Crypto Legislation Review Window May Extend to August Recess, Potential Delay to 2027 if Not Passed] According to The Block, investment bank TD Cowen stated that the time window for passing the U.S. crypto market structure bill might extend to the August recess, breaking earlier expectations that legislation needed to be completed before the Easter recess. Jaret Seiberg, Managing Director of TD Cowen's Washington Research Group, pointed out that the Easter recess is not a critical deadline, as legislative work can continue before and after the recess. Additionally, with the primaries concluded, some lawmakers will have greater flexibility to negotiate. Seiberg believes the August recess is the last meaningful legislative window. After that, Congress will only convene for 12 days in September and 2 days in October, which will only be sufficient to address spending bills and the National Defense Authorization Act. He also reiterated that if control of Congress changes after the 2026 midterm elections, the bill could be delayed until 2027. It is anticipated that the House may shift to Democratic control, at which point Democrats might choose to delay until 2027 to gain greater leverage. Currently, the crypto bill is stalled due to opposition from the banking industry regarding stablecoin yields and Democrats seeking to include conflict-of-interest provisions for government officials. However, negotiations between the two sides are reportedly nearing a compromise. Seiberg stated that if the bill is not passed by 2026, the SEC will provide the regulatory actions needed by the crypto industry.