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[TD Cowen: U.S. SEC to Formulate Crypto Industry Regulatory Rules in the Next 12 Months] TD Cowen analysts stated that the U.S. Securities and Exchange Commission (SEC) will enter a critical period in the next 12 months to begin formulating regulatory rules for the cryptocurrency industry after the federal government resumes operations. TD Cowen's Washington research team pointed out that SEC Chairman Paul Atkins' policy agenda will enter a substantive phase after the government restarts, making the coming year the most important period of his tenure.