TD Cowen says broad U.S. crypto market-structure legislation will likely miss 2025, with passage around 2027 and full implementation nearer 2029. Progress is blocked by Democratic proposals for strict conflict-of-interest rules barring senior officials (explicitly citing concerns about President Trump and his family) from owning or running crypto firms, which Republicans oppose. A proposed compromise would push enforcement of those ethics provisions about three years later, while lawmakers may pursue a narrower CLARITY Act in 2026 as a fallback.

The story reports a multi-year pushback of comprehensive crypto legislation from 2025 to ~2027/2029 and identifies a specific, partisan policy impasse — Democrats' proposed conflict-of-interest rules targeting senior officials and Republicans' opposition — as the primary obstacle. It also notes a possible delayed-enforcement compromise and that the CLARITY Act is expected to be negotiated as a narrower fallback in 2026. These are concrete facts from the summary that justify modestly negative sentiment and moderate market impact.