Investment bank TD Cowen stated that the new federal regulatory framework proposed by the U.S. Commodity Futures Trading Commission (CFTC) for leveraged and margined cryptocurrency trading might not be finalized in time due to the approaching 2028 election. Jaret Seiberg, managing director of TD Cowen's Washington Research Group, noted in a report on Monday that the CFTC's proposed rule notification, released a week ago, is a positive step for crypto platforms. However, the agency might not issue the proposal until the end of Q1 or early Q2 2027, and could finalize the rule as late as early 2028, increasing the risk that the rule ultimately won't pass.