Galaxy Research Director: If the Crypto Market Structure Act passes, it will become a bullish catalyst

PANews January 18 News, Galaxy Research Director Alex Thorn posted on X platform analyzing the upcoming vote on the Crypto Market Structure Bill by the U.S. Senate Banking Committee on January 15. He stated that currently, the Senate seat vote count is 53 to 47, but typically a bill requires 60 votes to pass, indicating there is still a gap to reach the threshold. This means the Republican Party still needs the support of 7-10 Democratic senators for the bill to pass.
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 SEC authority or restrictions on token issuance. If passed, it will become a major bullish catalyst for the mainstream adoption of cryptocurrencies. If it fails to advance, although the overall impact on the crypto industry’s fundamentals may be relatively small, it could lead to negative market sentiment.