Crypto bill needs Trump's direct intervention to pass, says TD Cowen

A crypto market structure bill is unlikely to pass without the direct intervention of President Donald Trump, according to a report from research and brokerage firm TD Cowen. The Block reported that Jaret Seiberg, a managing director at TD Cowen, noted that industry divisions and political obstacles are complicating efforts to reach a consensus. Seiberg argued that the debate has moved beyond whether crypto platforms can pay interest or rewards on stablecoins, a development he considers inevitable. Instead, the key questions are now when these platforms will receive such authority and what level of regulatory oversight they will accept. From the banking industry's perspective, Seiberg believes stablecoins are unlikely to pose a meaningful threat to deposit rates until they are used for everyday transactions. Until then, he assesses that they present a greater competitive risk to money market funds.