On March 18, investment bank TD Cowen stated that the timeframe for the U.S. to pass cryptocurrency market structure legislation may extend through the August recess, breaking previous expectations that the bill needed to be completed before the Easter recess. Jaret Seiberg, Managing Director of TD Cowen's Washington Research Group, pointed out that the Easter recess is not a critical milestone, and legislative work can continue before and after the recess. Additionally, with primary elections concluded, some lawmakers will have greater flexibility for negotiations.

Seiberg believes the August recess is the final meaningful legislative window, after which Congress will only meet for 12 days in September and 2 days in October, barely enough to address spending bills and defense authorization acts. He also reiterated that if control of Congress changes after the 2026 midterm elections, the bill could be delayed until 2027. The House is expected to potentially shift to Democratic control, at which point Democrats may choose to delay until 2027 to seek greater bargaining power. Currently, the crypto bill is at a standstill due to banking industry opposition to stablecoin yields and Democrats' pursuit of conflict-of-interest provisions for government officials. However, negotiations between both parties are reportedly close to reaching a compromise. Seiberg stated that if the bill fails to pass in 2026, the SEC will provide the regulatory action the crypto industry needs. #加密市场上涨