Viewpoint: Passage of Crypto Market Structure Bill Could Serve as Bullish Catalyst

Odaily News: Galaxy's Head of Research, Alex Thorn, posted on X stating that the U.S. Senate Banking Committee is set to vote on the crypto market structure bill on January 15th. The current Senate seat distribution is 53 to 47. Since bills typically require 60 votes to pass, Republicans still need to secure support from 7 to 10 Democratic senators.

Alex Thorn noted that the bill addresses the classification of DeFi under anti-money laundering rules, the handling of stablecoin reserve yields, protections for non-custodial developers, and the SEC's authorization or restrictions on token issuance. If the bill passes, it could become a major bullish catalyst for cryptocurrency adoption; if it fails, while the overall impact on the industry's fundamentals may be limited, it could lead to negative market sentiment.