THE BLOCK: Investment bank TD Cowen says newly proposed rules from the Commodity Futures Trading Commission to regulate digital assets may have come too late and could be contingent on the 2028 election cycle as a new presidential administration rolls in. "Time is running out," the bank said in a note. "We believe the agency at best will get its proposal out in late Q1 2027 or early Q2 2027. It could then take until early 2028 to finalize the rule."