Investment bank TD Cowen forecasts that the U.S. cryptocurrency market structure bill may not pass until 2027, with implementation potentially delayed until 2029. According to a report, political dynamics in Congress, particularly the Democrats' expectation of regaining the House in 2026, contribute to the anticipated delay. TD Cowen suggests that while there is a path to passing the bill this year, the lack of immediate political incentive makes a delay more probable. The firm highlights that election outcomes could alter legislative priorities, but if the bill passes in 2027, it would likely take effect in 2029, resolving regulatory uncertainties for the crypto industry.