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.

Donald Trump has called for the swift passage of a new stablecoin bill, emphasizing the importance of regulatory clarity in the cryptocurrency sector. He believes that a well-structured framework will benefit the U.S. economy and foster innovation in digital currencies. Trump's advocacy highlights the growing intersection of politics and the evolving landscape of cryptocurrencies.