According to TD Cowen's latest assessment, US crypto market-structure legislation faces a significant roadblock. Both the House CLARITY Act and Senate RFIA could be delayed until 2027, caught in the crossfire of 2026 midterm election politics. Senate Democrats may leverage procedural tactics to stall progress on these bills. Beyond the timeline issue, the legislative landscape is reshaping regulatory authority: if passed, these measures would shift considerable power away from the SEC toward the CFTC. For crypto stakeholders, this political delay means extended regulatory uncertainty, while the potential CFTC-over-SEC framework represents a structural shift in how digital assets get overseen going forward.