A crypto market structure bill may have "no chance" of becoming law in this Congress but will set up U.S. lawmakers for next year, according to investment bank TD Cowen.
"We believe it would be a mistake to fixate on the details of this legislation. It has no chance of becoming law in this Congress," TD Cowen Washington Research Group, led by Jaret Seiberg, wrote in a note on Monday. "Senate Banking has not done nearly enough prep work for the legislation to pass in the Senate. In addition, Democrats are far more focused on investor protections than on what is included in this bill.
"It would be a critical building block for Congress in 2025/26 when we expect a renewed effort to enact crypto market structure legislation. It puts House members on the record and shifts the focus to the Senate to move its own bill," TD Cowen wrote. In an announcement that FIT21 would be getting a vote, House Financial Services Committee Chair Patrick McHenry, R-N.C., called the bill a bipartisan effort "to finally provide clarity."