A US crypto market structure bill is unlikely to advance in Congress without direct involvement from President Donald Trump, according to investment bank TD Cowen.
The bank said divisions between banks and crypto firms, alongside political resistance in the Senate, continue to block progress despite renewed industry talks.
“Our view is that it will require President Trump’s personal intervention to force the crypto and banking industries to make the compromises needed for crypto market structure legislation to have a chance of advancing in Congress,”
Said Jaret Seiberg, managing director at TD Cowen’s Washington Research Group.
The comments came as White House crypto adviser David Sacks met with banking and crypto trade groups, including Coinbase, to discuss unresolved issues such as stablecoin rewards.
Seiberg said disputes over whether crypto platforms should be allowed to pay rewards on stablecoins are inevitable, with the real debate centring on timing and the level of regulatory oversight required.
He added that clearer rules could invite more participation from large banks and broker-dealers, but may also reduce urgency for legislation if regulators like the Securities and Exchange Commission and Commodity Futures Trading Commission deliver similar outcomes through enforcement.