Cold Wave...

admittedly, the text on this card is quite a bit older, and uses a slightly different terminology than current cards.

However, I don't think that activating a set trap will be legal in the example you provided.

text:
This card can only be activated at the start of Main Phase 1. Until your next turn, neither player can play or Set any Magic or Trap Cards.

the part "play" that I underlined should, I think, be interpreted as "activate". Therefore, neither player can activate or set any Spell or Trap Cards.
 
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