TD Cowen: US crypto bill passage could be delayed to 2027

The passage of a major U.S. crypto market structure bill could be delayed until 2027, according to Jaret Seiberg, a managing director at research and brokerage firm TD Cowen. In comments reported by The Block, Seiberg stated that while the bill could pass this year, a delay due to political uncertainty is more likely. He suggested the Democratic Party has little incentive to rush the legislation, as it believes it can win control of the House of Representatives in the upcoming November midterm elections. Seiberg assessed that if the bill passes in 2027 and takes effect in 2029, it could reduce market disruption. However, he cautioned that the crypto industry must accept that the outcome of the next U.S. presidential election could influence the final version of the bill. A markup session for the legislation, known as the CLARITY Act, is scheduled for Jan. 15. The bill aims to establish a regulatory framework for the crypto industry by dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also includes provisions to exempt certain cryptocurrencies that meet specific conditions from the registration requirements of the Securities Act of 1933.