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TD Cowen says U.S. CFTC crypto trading rules likely delayed until early 2028

New U.S. Commodity Futures Trading Commission rules on cryptocurrency trading may not be proposed until late in the first quarter or early in the second quarter of 2027, with implementation of final rules likely slipping into early 2028, TD Cowen said. The outlook reflects legislative gridlock and a lengthy rulemaking process. TD Cowen also flagged potential tougher platform requirements and the risk of legal challenges extending beyond 2028.