CFTC’s new crypto framework could face 2028 election deadline, says TD Cowen

60-second summary

TD Cowen warns that the CFTC’s freshly proposed leveraged and margined crypto‑trading framework may miss critical timing because the 2028 election cycle could stall rule‑making, potentially delaying enforcement until after voters reshape regulatory priorities. The uncertainty may keep high‑risk crypto products active longer, preserving market liquidity but also extending exposure to speculative volatility.