Senators from both parties have reaffirmed their dedication to advancing the Crypto Market Structure Bill following key roundtables with executives from Coinbase and Ripple. These engagements aim to make legislative progress before the year-end.
The bill's advancement holds significant implications for regulatory clarity in DeFi, impacting major cryptocurrencies like BTC, ETH, and prompting anticipated market shifts.
Senate's Commitment to Crypto Legislation
U.S. senators from both parties have reaffirmed their dedication to advancing the Crypto Market Structure Bill following key roundtables with executives from Coinbase and Ripple. These engagements aim to make legislative progress before the year-end.
Over ten senators, including Kirsten Gillibrand and Tim Scott, are leading negotiations with crypto CEOs like Coinbase's Brian Armstrong and Ripple's Brad Garlinghouse. Both sides are reportedly 90% in agreement on the bill's content. Brian Armstrong, CEO of Coinbase, stated, "Both sides are working hard to figure out the final 10%, and we're getting close."
Focus on DeFi and Institutional Involvement
The discussions focus on enhancing regulatory clarity for DeFi and AML oversight. Key crypto executives stress the need to target decentralized intermediaries rather than protocols, aiming for bipartisan cooperation in legislation.
Financial and market impacts are anticipated, affecting ETH, BTC, and major DeFi tokens. Increased market adoption and institutional investment hinge on clear regulatory guidelines, which could lead to a positive market momentum.
Historical Trends and Future Expectations
Historical trends suggest regulatory clarity boosts institutional involvement. Negotiations similar to the GENIUS Act previously led to a rise in asset prices and market sentiment.
If the bill passes, expectations for a bullish market effect are high as outlined by industry leaders. It aims to reshape financial landscapes by giving crypto assets greater legitimacy and fostering wider institutional appetite. Mike Novogratz, CEO of Galaxy, noted, "If [the bill] does [pass], I think that'll give crypto a real jolt to the upside."