A crypto market structure bill may have "no chance" of becoming law in this Congress but will set up U.S. lawmakers for next year, according to investment bank TD Cowen. 

The Financial Innovation and Technology for the 21st Century Act is teed up for a House floor vote at the end of the month. The Republican-led bill, also dubbed FIT21, takes a comprehensive approach to regulating crypto at large and shifts more responsibility to the Commodity Futures Trading Commission.

"We believe it would be a mistake to fixate on the details of this legislation. It has no chance of becoming law in this Congress," TD Cowen Washington Research Group, led by Jaret Seiberg, wrote in a note on Monday. "Senate Banking has not done nearly enough prep work for the legislation to pass in the Senate. In …