According to Golden Finance, investment bank TD Cowen said in a report on Monday that Republican presidential candidate Donald Trump plans to launch World Liberty Financial later tonight, which could deepen divisions among Washington lawmakers and hinder legislative efforts.

Trump is scheduled to announce the official launch of his crypto project at 8 p.m. ET on X Spaces on Monday, saying he is "embracing the future of crypto."

Jaret Seiberg, of TD Cowen's Washington Research Group, said the project could become a "major political issue for the crypto industry" if Trump wins in November.

Seiberg wrote: "If the Trump family establishes World Liberty Financial, the likelihood of cryptocurrency market structure legislation passing if Trump wins the election would be reduced. This is because, for political reasons, Democrats would be reluctant to support any bill that could be seen as enriching the Trump family."