Recently, there is a noteworthy trend. According to an analysis report by investment bank TD Cowen, the legislative process for establishing clear regulations for the cryptocurrency market in the United States may take longer than expected. The institution predicts that the relevant bills might not be passed until 2027, with actual implementation possibly delayed until 2029.

Why is this happening? Mainly due to political struggles in Congress. Although there is still a possibility of pushing through the Crypto Market Structure Act this year, the Democratic Party currently seems to lack the motivation to accelerate this process, especially as they plan to regain control of the House in the 2026 midterm elections. Delays may actually be more beneficial for them.

However, there is still some hope. Democrats might proactively reach an agreement, as staff have been working on technical provisions for several months, and the basic conditions are quite similar. If the bills are passed in 2027 and take effect in 2029, the issue will be thoroughly resolved.

This provides a clear lesson for the entire crypto industry: policy-making requires acceptance of long-term processes and uncertainty. The outcome of the presidential election will influence the specific content of the final regulations, and different parties may interpret certain provisions differently. Industry practitioners should prepare psychologically, as the process of policy clarification could be longer than expected.