Galaxy Research Director Interprets the Voting Outlook for the Crypto Framework Bill: Passage Would Be a Major Positive, While Obstacles or Suppressed Sentiment

Galaxy's research director Alex Thorn posted on platform X analyzing the upcoming vote on the cryptocurrency market structure bill by the U.S. Senate Banking Committee. He noted that the current Senate seat distribution is 53 to 47, but typically a bill requires 60 votes to pass, meaning the Republicans still need 7-10 Democratic senators' support for the bill to be approved.

Alex Thorn further stated that the cryptocurrency market structure bill is significant, as it involves the classification of DeFi under anti-money laundering rules, the handling of stablecoin reserve earnings, 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 the adoption of cryptocurrencies. If it fails to advance, although the overall impact on the fundamentals of the crypto industry may be relatively small, it could lead to negative market sentiment.