TD Cowen says delay on market structure legislation is negative for crypto

TD Cowen points to the post by Coinbase (COIN) CEO Armstrong withdrawing support for crypto market structure bill debate by the Senate Banking committee as likely derailing market structure legislation in the current Congress, which is “negative for crypto and positive for banks”. Banks want to prevent platforms from paying rewards on stable coins left with them, but a delay is still a win, the analyst tells investors in a research note. This would be the natural bill for the President to try to use to impose a cap on credit card interest rates or to regulate credit card interchange, and ff the bill does not advance, then those policies cannot be added to it. Publicly traded companies in the space include Bit Digital (BTBT), Bitfarms (BITF), Circle Internet (CRCL), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).