Analysts at investment bank TD Cowen have called for more realistic expectations for the passage of U.S. crypto legislation next year. Jaret Seiberg, managing director of financial services at TD Cowen Washington Research Group, said there is a heightened risk of political gridlock over the cryptocurrency market structure bill FIT21 and the Senate Agriculture Committee bill. Analysts said: "We believe this optimism is misplaced as we believe the voting outlook for both bills is declining this year. There is a growing risk that these bills will be blocked politically next year, regardless of the outcome of the election, and we are also sceptical about the outcome of next year's election. This is because both parties want more donations before they ultimately benefit the industry."