A report by financial research firm TD Cowen highlights the necessity of direct presidential intervention for the passage of a comprehensive U.S. cryptocurrency bill. The analysis, authored by Managing Director Jaret Seiberg, outlines significant political obstacles, including partisan divisions and regulatory jurisdiction disputes, that hinder legislative progress. The report suggests that only presidential authority can break the current gridlock, drawing parallels to historical financial reforms that required executive leadership. The stablecoin debate has evolved from basic permission questions to focus on implementation timing and oversight levels. Despite stablecoins' growing adoption, banks currently view them as limited competition due to their lack of everyday payment utility. However, the report warns that international regulatory advancements, such as the EU's MiCA framework, increase pressure on the U.S. to act swiftly to maintain its financial leadership.