Will U.S. crypto legislation have to wait until 2027? Investment banks reveal Congress's political chess game

【Crypto World】An investment bank recently released a prediction about US cryptocurrency legislation, which could disrupt many people’s expectations.

In simple terms, the path to legislation regulating the crypto market in the US might be longer than expected. According to the latest report from TD Cowen, if this bill is to pass Congress, it may have to wait until 2027, with actual implementation possibly pushed back to 2029.

Why the delay? Ultimately, it’s political game-playing. The report points out that although there is still a chance to push the bill this year, the Democrats currently have little motivation to accelerate this process. The reason is simple—they are eyeing the 2026 midterm elections, hoping to regain control of the House. Under this calculation, why rush to legislate now? It might be better to wait until the election results are clear.

However, the investment bank also mentioned that this situation is not absolute. Democrats have actually hinted that if both sides sit down to talk, an agreement could be reached quickly—after all, staff have been working on technical details for several months, and many specifics are already known. Time is on the side of the bill because as long as it passes by 2027 and takes effect in 2029, the matter will be settled.

But a more realistic issue is on the table: the crypto industry must accept that the presidential election could change the final rules; meanwhile, Democrats also need to accept that regulations like conflict of interest clauses may not apply to everyone. Politics is like that—rules often vary from person to person.