A formal proposal could come by late Q1 or early Q2 of 2027, with proof-of-reserves audits and federal oversight for state-licensed platforms under consideration.
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TD Cowen estimates that the CFTC could take until the beginning of 2028 to finalize its rules for certain crypto platforms. The delay, warns analyst Jaret Seiberg, would leave the process exposed to the electoral cycle and possible judicial challenges.