TD Cowen: Bipartisan crypto bill more likely to pass under Trump, but won’t be a top priority

According to a report published on Monday, the research arm of investment bank TD Cowen predicts that the regulatory landscape for cryptocurrencies in the United States could take a 180-degree turn under the incoming Trump administration (but there is no guarantee). Given that Republican-controlled Senate and House of Representatives will dominate the political landscape, albeit by a narrow margin, analysts predict that President-elect Trump will be able to use his "political capital" to push an agenda centered on economic reform, trade, and tax cuts. "We believe that cryptocurrency enforcement will likely be put on hold once Trump appoints a new SEC chair, which Trump could do on January 20 regardless of whether Gary Gensler resigns as SEC chair, which does not mean that cryptocurrencies will become the Wild West without any SEC oversight," the researchers wrote. "It is beyond our expectation that the new chair will reevaluate existing cases and find ways to more clearly articulate how crypto companies comply with existing laws." Nevertheless, the researchers believe that "given the Trump team's focus on extending tax cuts and addressing tariffs and trade issues, cryptocurrencies will not be a top priority." (The Block)