New York, Tuesday, October 01, 2024-US crypto legislation is expected to stall until at least 2024, according to a note from Investment and Financial Service giant TD Cowen on Monday.
With lawmakers now on recess until after the upcoming elections, only the lame-duck session remains to pass critical bills, including those related to crypto.
The window is further narrowed by the necessity to approve government funding and the National Defense Authorization Act.
TD Cowen’s Washington Research Group highlighted that a stablecoin regulatory framework is the most likely to progress under a “best case scenario.”
Despite bipartisan efforts the bill has faced roadblocks, particularly over the provision granting state regulators approval power without Federal Reserve input.
A source pointed out complications related to the Ohio Senate race, where millions are being spent to unseat Senator Sherrod Brown, a known crypto critic.
Brown’s potential defeat could sway the future of crypto legislation, but the official warned of possible political retaliation, which could delay action on stablecoin and market structure bills until 2026.
