CFTC crypto trading rules may not be finalized until 2028, TD Cowen warns
Investment bank TD Cowen cautioned that newly proposed CFTC rules for leveraged and margined crypto trading may not be finalized until early 2028, risking abandonment as the presidential election approaches.
Newly proposed rules from the Commodity Futures Trading Commission to regulate digital assets may have arrived too late to be implemented before the next presidential administration, according to TD Cowen analyst Jaret Seiberg. The regulatory initiative, which targets leveraged and margined cryptocurrency trading, faces an elongated timeline that could push final approval right against the 2028 election cycle.[1][2][4]
In a research note stating that time is running out, TD Cowen projected that the regulator will at best publish its formal proposal in late Q1 2027 or early Q2 2027. The bank estimated that completing and finalizing the rule could then stretch until early 2028.[1][4]
The drawn-out schedule raises the risk that the regulatory framework will never be completed. TD Cowen warned that relying on a temporary crypto regime invites market uncertainty and instability if political changes and a incoming administration alter or stall the rulemaking process.[1][3][4]
Key facts
- TD Cowen warned that newly proposed CFTC rules for digital assets may have come too late and could depend on the 2028 election cycle.
- The CFTC's proposed regulatory framework addresses leveraged and margined crypto trading.
- TD Cowen estimates the CFTC will at best issue its proposal in late Q1 2027 or early Q2 2027.
- TD Cowen analyst Jaret Seiberg assessed that finalizing the rule could take until early 2028.
- TD Cowen cautioned that a temporary framework risks market instability and uncertainty if political shifts derail its completion before 2028.
Sources · 4 sources
- TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Investment bank TD Cowen says newly proposed rules from the Commodity Futures Trading Commission to regulate digital assets may have come too late and could be contingent on the 2028 election cycle as a new presidential administration rolls in. "Time is running out," the bank said in a note. "We believe the agency at best will get its proposal out in late Q1 2027 or early Q2 2027. It could then take until early 2028 to finalize the rule."
Open source - TB
The BlockArticle ·
CFTC’s new crypto framework could face 2028 election deadline, says TD Cowen Newly proposed rules for leveraged and margined crypto trading may be too late as the 2028 election cycle looms, according to TD Cowen.
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Crypto BriefingArticle ·
CFTC’s leveraged crypto framework may run out of runway before 2028, TD Cowen warns The CFTC's temporary crypto framework risks instability and market uncertainty if political shifts alter or delay its completion before 2028. The post CFTC’s leveraged crypto framework may run out of runway before 2028, TD Cowen warns appeared first on Crypto Briefing .
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CoinMarketCap@CoinMarketCapPost on X ·
LATEST: 🇺🇸 TD Cowen's Jaret Seiberg says the CFTC likely won't finalize its crypto rules until early 2028, raising the risk the framework is never completed as the election cycle nears. https://t.co/3LAMP9gqWK
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