Galaxy Research Director Analyzes Prospects for Crypto Structure Bill Vote: Passage Would Be Major Positive, Obstruction Could Suppress Sentiment

Odaily News: Galaxy Research Director Alex Thorn posted on platform X to analyze the upcoming vote on the crypto market structure bill by the U.S. Senate Banking Committee scheduled for January 15th. He stated that the current Senate seat distribution is 53 to 47, but typically 60 votes are needed for a bill to pass, meaning Republicans still need support from 7-10 Democratic senators to get the bill passed. Alex Thorn added that the crypto market structure bill is significant, involving the classification of DeFi under anti-money laundering rules, the handling of stablecoin reserve yields, protections for non-custodial developers, and the SEC's authority to authorize or restrict token issuance. If passed, it would become a major bullish catalyst for cryptocurrency adoption. If it fails to advance, while the overall impact on the crypto industry's fundamentals would be relatively minor, it could lead to negative market sentiment.