Galaxy Research Director: Crypto Market Structure Bill Passage Could Be a Catalyst for Price Increase

PANews reported on January 18 that Alex Thorn, head of research at Galaxy, published an article on the X platform analyzing the upcoming Senate Banking Committee vote on the crypto market structure bill on January 15. He stated that the current Senate vote is 53 to 47, but a bill typically requires 60 votes to pass, meaning that Republicans still need 7-10 Democratic senators to pass the bill.

Alex Thorn added that the crypto market structure bill is significant, addressing issues such as the classification of DeFi under anti-money laundering rules, the handling of stablecoin reserve yields, protection of non-custodial developers, and the SEC's power to authorize or restrict token issuance. If passed, it would be a major bullish catalyst for cryptocurrency adoption. If it fails to pass, while the overall impact on the crypto industry's fundamentals would be relatively small, it could lead to negative market sentiment.