Said TD Cowen, Managing Director of the Washington Research Group, Financial Services, Jaret Seiberg, the political impasse in the form of the Bitcoin market bill FIT21 and the Senate Agriculture Committee bill increases the risk.

“We see hope as misguided since we think voting prospects for each item are declining this year.” Seiberg wrote in a research report Monday, “We are also pessimistic about next year, regardless of the election. And there is a rising chance that the bills could get stalled politically next year. This is so because both sides will desire greater contributions before they can eventually benefit the sector.”

Seiberg pointed out that this may occur even among the crypto community, “aggressively making political contributions.” With the crypto-focused Fairshake PAC also generating $95 million in donations, he referenced recent research by the nonprofit organization Public Citizen showing $119 million—rroughly 48% of corporate political contributions—were contributed by crypto businesses this year.

The Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to generally control the cryptocurrency sector and would let the Commodity Futures Trading Commission over crypto assets, was passed by the U.S. House of Representatives in May 2022.

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