In a report on Monday, researchers at TD Cowen wrote that bipartisan crypto legislation covering stablecoins and market structures would be more likely to pass in Trump's second term, but "would not be a top priority". The researchers argued that "cryptocurrencies would not be a top priority given the Trump team's focus on extending tax cuts and addressing tariffs and trade". Another factor that could stall the political process, the report said, was "legitimate concerns about AML/BSA compliance" and the potential role of cryptocurrencies in sanctions evasion, drug/human trafficking and terrorism financing. "The more the industry ignores government oversight, the harder it will be to reach a deal that can pass both chambers," analysts said.