The crypto market structure bill in the U.S. is likely to face delays, with approval potentially pushed to 2027 and implementation not occurring until 2029, according to TD Cowen. Political dynamics in Congress are contributing to this uncertainty. Democrats may lack motivation to expedite the process, especially with the upcoming 2026 midterm elections. TD Cowen’s managing director, Jaret Seiberg, notes that Democrats might consider a deal if they believe they can regain control of the House, though the timeline remains uncertain. A significant hurdle in the legislation is the proposed conflict-of-interest provisions, which could restrict senior government officials, including Donald Trump, from engaging in crypto businesses. Trump’s family has reportedly made around $620 million from crypto ventures. To address his potential objections, lawmakers might propose delaying the effective date of these provisions, pushing them out three years after enactment, which would mean they wouldn’t apply to him. This adjustment could complicate negotiations, as Democrats may resist extending the entire bill's timeline. The crypto market structure bill aims to create a clear regulatory framework for digital assets in the U.S., building on the previously passed GENIUS Act focused on stablecoins. Despite the House passing its version of the bill last year, progress has stalled in the Senate, where overcoming a filibuster requires a supermajority. The need for bipartisan support complicates the path forward, giving Democrats leverage to delay action until after the midterms, which could allow them to influence the final regulations if a Democrat wins the presidency.