By early 2026, the crypto market is experiencing a subtle tug-of-war. On one side are the regulators delaying their timetable, on the other are the giants accelerating their strategic deployments, and on top of that are the increasingly difficult days for miners—these three forces are intertwined, reshaping the entire industry's trajectory.

From a policy perspective, the much-anticipated U.S. Market Structure Act for cryptocurrencies is progressing much slower than expected. The latest report from investment bank TD Cowen revealed a shocking figure: this core legislation, which should clarify industry rules, is now expected to be delayed until 2027 for passage, and actual implementation might not happen until 2029. Why so slow? Simply put, political battles in Congress are ongoing, coupled with the upcoming elections, causing everyone to hold back and watch.

Currently, the Democratic Party has little incentive to accelerate this process, as they are betting on the midterm elections in 2026, hoping to regain control of the House. But there is a silver lining—those staff members in the Senate have been studying the technical details for several months. As long as the Democrats are willing to sit down and negotiate, this bill could be pushed forward quickly. The harsh reality is that the ultimate rules for the crypto industry are likely to be directly influenced by the outcome of the presidential election.

It is worth noting that although progress at the federal level has stalled, the advancement of U.S. crypto policy has not come to a complete halt. The Senate plans to hold a dedicated hearing on the Market Structure Act in January 2026, and the SEC is also not idle—multiple signals indicate that even though the regulatory framework is not yet finalized, all parties are already preparing for the upcoming major moves.