Crypto regulation in the US hits political roadblocks
Analytical firm TD Cowen stated that the advancement of the crypto market structure bill in the US may require the 'personal intervention' of former President Donald Trump. The main challenge is securing enough Democratic support in the Senate for the passage of this legislation.
The crypto market structure bill was introduced in the US Congress in December 2022. It aims to create a single regulatory body for the cryptocurrency industry, which would help to streamline the existing chaotic conditions. However, according to TD Cowen analysts, the current political climate in the country significantly complicates the promotion of this initiative.
'We believe that the advancement of this bill may require the personal involvement of Donald Trump, who continues to wield significant influence over the Republican Party,' the TD Cowen report states.
Moreover, the TD Cowen analysts note that Democrats in the Senate are unlikely to be willing to support this initiative if it comes from the Republicans. Thus, for the successful adoption of the bill, a compromise between both parties will be needed.
Overall, the prospects for the passage of the crypto market structure bill in the US remain uncertain. Political polarization and lack of consensus between the parties may significantly slow down the process of regulating this rapidly growing industry.