PK Press Club — TD Cowen Managing Director Jaret Seiberg raised concerns that the recent issuance of a Donald Trump meme coin could challenge bipartisan efforts to pass legislation on the structure of the cryptocurrency market.
According to the analyst, Democrats should seek detailed information on coin buyers, potentially to determine whether foreign governments or companies used the tokens to curry favor with the Trump team.
“This endangers the ability to advance the crypto bill with the bipartisan support it will need to become law,” Seiberg said in a note.
He noted that the introduction of the Trump coin could lead to increased demands from Democrats for transparency regarding buyers and reasons for the coin’s price increase.
“They will be looking for clues that foreign governments, foreign businesses and domestic corporations are using the coin to influence Trump’s decision-making. They will also demand details on how the Trump family monetizes this investment,” Seiberg explained.
In turn, Republicans will likely respond to these demands, the analyst added, potentially increasing partisan tensions and complicating the search for bipartisan agreement on crypto market structure.
“We also do not expect the Trump family or the Trump administration to cooperate with any Democratic investigation,” he added.
Seiberg suggests that a possible solution to this impasse could be a two-pronged strategy in which Democrats conduct an investigation into the Trump exhibit separately from legislative efforts. Such an approach could allow continued progress on the market structure bill while also addressing concerns about the Trump family’s cryptocurrency project.
Despite these complications, Seiberg believes that passage of the crypto market structure bill may have already been delayed until 2026 as both parties have focused on fundraising for the state elections. midterm. The delay could give Democrats enough time to complete their investigation into the Trump coin before market structure legislation comes up for a vote.
Trump coins and Bitcoin saw a slowdown on Tuesday after President Trump’s first policy announcements omitted any mention of digital assets.
which hit an all-time high of $109,071 on Monday during Trump’s inauguration, fell to $103,740.0 on Tuesday. The meme coin, launched a few days prior, saw a similar trend, rising from $6.50 at launch to $74.59 on Monday before retreating to $39.56.
