TD Cowen predicts US crypto bill review window extended to August recess

Investment bank TD Cowen has stated that the review window for the US crypto market structure bill may be extended until the August recess, rather than being completed before the previously expected Easter recess. Jaret Seiberg, Managing Director of TD Cowen Washington Research Group, pointed out that the Easter recess is not a critical point, and legislative work can continue to advance before and after the recess. Seiberg believes that the August recess is the last effective legislative window, as Congress has limited meeting days in September and October to only deal with spending bills and defense authorization bills. He also stated that if there is a change in control of Congress after the 2026 midterm elections, the bill may be postponed until 2027. At present, the cryptocurrency bill is deadlocked due to opposition from the banking industry to stablecoin returns and the Democratic Party's demand for conflict of interest clauses, but negotiations between the two sides are approaching a compromise. Seiberg expects that if the bill is not passed by 2026, the US Securities and Exchange Commission (SEC) will take necessary regulatory actions.