TD Cowen warns CFTC crypto rules could slip into 2028

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The US Commodity Futures Trading Commission (CFTC) may not finalise its proposed rules for leveraged and margined crypto trading until early 2028, leaving the framework vulnerable to changes after the next US election, TD Cowen said.

In a Monday note, Jaret Seiberg of TD Cowen’s Washington Research Group described the agency’s rulemaking initiative as a positive step for crypto platforms but warned that the timeline could put its completion at risk.

Seiberg expects the CFTC to publish a formal proposal in late March or early April 2027, with final rules potentially following in early 2028.