[TD Cowen: Crypto Market Structure Bill May Be Delayed Until 2027] Investment bank TD Cowen stated that the legislative process for the U.S. cryptocurrency market structure bill may take longer than expected, with the passage potentially delayed until 2027 and actual implementation possibly postponed to 2029. TD Cowen noted in its report that while there is still a possibility of pushing the bill forward this year, political maneuvering in the U.S. Congress increases the likelihood of delays. The institution believes that the Democratic Party lacks the motivation to accelerate legislation, especially given the expectation of regaining control of the House of Representatives in the 2026 midterm elections. The report also mentioned that the uncertainty surrounding election outcomes may prompt the Democratic Party to reach an agreement, with the crypto industry needing to accept the impact of the presidential election on the final rules.