TD Cowen: CFTC Crypto Margin Rules May Miss 2028 Election Window

The substance here is less about the CFTC's proposal than about timing risk in US crypto rulemaking, where a multi-year process can outlast the political coalition that started it. TD Cowen's read implies margin and leverage products remain in a holding pattern regardless of the proposal's merits, which matters most for venues and intermediaries whose business models depend on regulated leverage. Whether the framework actually clears before the election cycle reshapes priorities is the open question.