Is legislation for the US crypto market still a long way off? Investment banks predict the bill may pass as early as 2027

【BlockBeats】Recently, investment bank TD Cowen issued a somewhat pessimistic forecast: the legislative process to establish a regulatory framework for the cryptocurrency market in the United States may take longer than industry expectations. According to their analysis, the relevant bill might not pass until 2027, and its actual implementation could be delayed until 2029.

Why not push for quick approval? TD Cowen pointed out that although there is still a technical chance to advance the crypto market structure bill this year, the political game in the U.S. Congress makes further delays more likely. The underlying reason is quite realistic—Democrats are currently not keen on accelerating this process because they are counting on regaining control of the House in the 2026 midterm elections, which might allow them to lead the legislative pace more favorably.

However, there is also a possibility of a turnaround. TD Cowen also mentioned that election results always come with uncertainty, and Democrats might reach a temporary agreement to pass the bill quickly. Staff have been studying the technical details for several months, and the materials are basically ready. From a timing perspective, the schedule of passing in 2027 and taking effect in 2029 could actually reduce industry controversy. In other words, both parties need to learn to accept reality: the final shape of crypto regulation will be influenced by the presidential election, and Democrats will also have to accept that some provisions may not apply during Trump’s term.

For the crypto industry, this essentially means one thing—don’t expect legislation to move at lightning speed; forming a compliant framework requires more patience.