Analysts at investment bank TD Cowen have called for more realistic expectations for the passage of U.S. crypto legislation next year.
Jaret Seiberg, managing director of financial services at TD Cowen’s Washington Research Group, said there is a heightened risk of political deadlock between the cryptocurrency market structure bill, FIT21, and the Senate Agriculture Committee bill.
“We think this optimism is misplaced as we believe voting prospects for both bills are declining this year,” Seiberg said. “There is a growing risk that these bills will be politically blocked next year, and we are skeptical of the outcome of the election, regardless of the outcome. This is because both parties will want to secure additional donations before the benefits are finally delivered to the industry.”
Seiberg noted that this could happen despite the crypto community's "active political contributions." He cited a recent report from the nonprofit Public Citizen, which showed that crypto companies have provided $119 million this year (about 48% of corporate political donations), including $95 million in donations to the crypto-focused Fairshake PAC. (The Block) #opbnb
