TD Cowen, an investment bank, said the Trump administration could bring positive changes to crypto entities working with banks, but expectations for such new regulatory environments should be "within reason". Banks have a responsibility to comply with anti-money laundering (AML) and Bank Secrecy Act (BSA) rules, as well as manage risks such as liquidity and concentration, the TD Cowen Washington research group (led by Jaret Seiberg) wrote in a report. "Even if Trump's regulators are less concerned about the increased links between traditional finance and cryptocurrencies, this will cause some banks to be cautious, which is why some banks may still see the risks as too great, while others will seize the opportunity," the analysts said. "In addition, some cryptocurrency entities may resist any government oversight. This could limit banks' comfort in working with them." Nonetheless, Jaret Seiberg said a link between traditional finance and cryptocurrencies would be "inevitable" under the Trump administration.