The timeline for the U.S. Congress to pass the Crypto Market Structure Act could extend beyond market expectations, potentially reaching the August congressional recess or even 2027, according to TD Cowen. Jaret Seiberg, Head of the Washington Research Department at TD Cowen, emphasized that the Easter recess is not a critical deadline, allowing Congress to continue legislative efforts before and after this period. Key obstacles include disagreements between the cryptocurrency industry and the banking sector over stablecoin yields. Banks seek to prohibit crypto platforms from offering yields to prevent fund outflows, while some Democratic lawmakers demand conflict-of-interest provisions opposed by President Trump. TD Cowen suggests a potential compromise may involve prohibiting yields on idle stablecoin balances while allowing rewards based on trading activity. However, a shift in congressional control after the 2026 midterm elections could delay the bill's passage until 2027.