Investment bank TD Cowen: Trump's coin issuance may hinder the progress of bipartisan crypto legislation

Odaily reported that investment bank TD Cowen stated that the Meme coin TRUMP launched by former US President Trump may hinder the progress of bipartisan cryptocurrency market structure legislation. TD Cowen's Washington research team (led by Jaret Seiberg) wrote in a report on Tuesday that "Democrats will demand detailed explanations of whether foreign governments and business interests are using tokens to curry favor with the Trump team, which jeopardizes the bipartisan support needed to turn the crypto bill into law." Seiberg said the launch of TRUMP makes it difficult for Congress to reach a consensus on the bipartisan cryptocurrency market structure bill, which is crucial to resolving the legal uncertainty that limits the crypto investor base. Seiberg pointed out that Democrats are expected to closely scrutinize Trump's purchasing behavior, price increases, and the Trump family's cash-out initiatives, while Republicans may defend Trump, exacerbating partisan divisions, and "we also do not want the Trump family or the Trump administration to cooperate with any Democratic investigation." (The Block)