TD Cowen warns CFTC crypto rules may not survive past the 2028 election

The Commodity Futures Trading Commission’s new framework for leveraged crypto trading may not be finalized before the 2028 presidential election, and TD Cowen analysts say that timing puts the whole effort at risk. Jaret Seiberg, a managing director at TD Cowen’s Washington Research Group, laid out the warning in a note dated October 12, 2026. “Time is running out,” he wrote. In his view, the agency at best delivers a formal proposal in late Q1 2027 or early Q2 2027, and finalizing the rule could stretch into early 2028.