The proposed U.S. crypto market structure bill may not pass until 2027, with implementation pushed to 2029, according to TD Cowen. Political dynamics, especially around the upcoming midterm elections, are likely to slow the process, as Democrats may seek to negotiate favorable terms regarding conflict-of-interest provisions.

TD Cowen highlights that attempts to link the stablecoin bill to Donald Trump and Elon Musk are creating significant political obstacles, despite bipartisan support. Key issues such as federal versus state oversight and the treatment of offshore stablecoins remain unresolved, potentially delaying the bill's enactment.