TD Cowen: Trump's meme tokens pose risk to bipartisan crypto legislation

President Donald Trump's memecoin Official Trump (TRUMP), could impede progress on bipartisan crypto market structure legislation, says investment bank TD Cowen. The TD Cowen Washington Research Group, led by Jaret Seiberg, wrote in a report on Tuesday, “Democrats will demand details on whether foreign governments and business interests are using token purchases to curry favor with the Trump team, which would jeopardize the ability of the cryptocurrency bill to gain bipartisan support, which is needed for the bill to become law. ” TD Cowen's Seiberg said the launch of memecoin makes it difficult for Congress to agree on a bipartisan crypto market structure bill, which is critical to resolving the legal uncertainty that limits the crypto investor base. Analysts suggest that one potential solution could be to separate the memecoin investigation from the cryptocurrency legislation, allowing other Democratic leaders to lead the investigation and provide cover for those who support the bill.