According to The Block, TD Cowen stated that while there is room for progress this year in the legislative structure of the US crypto market, it is more likely to be passed by 2027, with the final rules possibly taking effect only by 2029. The research report indicates that the main resistance comes from disputes over conflict of interest clauses: Democrats may push to restrict senior officials (including President Trump) and their families from holding or operating crypto businesses; to facilitate passage, this clause might be delayed by about 3 years to avoid applying to the Trump administration.