The investment bank TD Cowen sees potential disruption in the cryptocurrency industry based on regulatory efforts.
The report argues that industries usually unite when pushing their legislative agendas, supported by coordinated lobbying. However, when Congress starts paying attention to a specific industry, companies begin to focus on legislation that benefits them individually. This forces lawmakers to choose sides within the industry, weakening the industry's overall progress.
"Navigating this evolution from legislation that can't pass to legislation that looks like it will pass, in our view, is now the crypto industry's biggest Washington challenge. Companies may decide the stablecoin bill is not needed or would benefit rivals too much," Seiberg wrote. "That could derail the stablecoin bill this year, which would then rob the market structure bill of momentum going into 2025.
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