Investment bank TD Cowen said in a report on Monday that Republican presidential candidate Donald Trump's plan to launch World Liberty Financial later today could deepen divisions among Washington lawmakers and hamper legislative efforts. Mr. Trump, who is scheduled to announce the formal launch of the crypto project at 8 p.m. on Monday at X Spaces, said he was "embracing the future of crypto." Jaret Seiberg of TD Cowen's Washington research group said the project could become "a major political issue for the cryptocurrency industry" if Mr. Trump wins in November. "If the Trumps form World Liberty Financial, the likelihood of crypto market structure legislation passing if Trump wins the election will be lower," Seiberg wrote. "That's because Democrats will be reluctant to support any bill seen as enriching the Trumps for political reasons."