Investment bank TD Cowen suggests that the window for Congress to pass the crypto market structure bill may be longer than the market expects, potentially extending into the August congressional recess, rather than necessarily before the Easter recess. Jaret Seiberg, head of research at TD Cowen in Washington, stated in a report, "There is no reason to believe that the bill must be agreed upon in the coming weeks." He indicated that the Easter recess is not a critical timeframe, and Congress can continue its legislative work before and after the recess. Seiberg also believes that as the primaries conclude, some lawmakers will face less political pressure and may have more room to push for negotiations, increasing the likelihood of an agreement. Currently, the disagreement between the crypto industry and the banking sector regarding stablecoin yields remains the main obstacle to the bill's progress. Banks advocate prohibiting crypto platforms from offering yields on stablecoins to prevent funds from flowing out of the banking system; while some Democratic lawmakers are demanding the inclusion of conflict-of-interest clauses for senior government officials in the bill, a demand reportedly opposed by President Trump. Previously, Trump publicly accused the banking industry of delaying the legislative process and stated that banks should reach an agreement with the crypto industry to push the bill through the Senate. According to TD Cowen, negotiations between the two sides are close to a potential compromise, such as prohibiting payouts for idle stablecoin balances but allowing reward mechanisms based on transaction activity. However, the agency also warned that if control of Congress changes after the 2026 midterm elections, the bill's passage could be delayed until 2027.