Investment bank TD Cowen said in a report Monday that U.S. Senator Bill Hagerty's draft stablecoin legislation could serve as an outline for future bills in 2025. "This draft should form the basis of legislation we expect Congress to pass next year," wrote Jaret Seiberg of TD Cowen Washington Research Group. "This is more likely if Trump wins, given Hagerty's close ties to the former president." If Mr. Trump wins, Mr. Hagerty could reportedly become a potential contender for a member of Mr. Trump's cabinet, either in a national security role or at the Treasury Department. He is also a member of the Senate Banking Committee, which has jurisdiction over key agencies, including the SEC.