Odaily Planet Daily reports that Galaxy Research Director Alex Thorn posted on the X platform analyzing the upcoming vote on the Crypto Market Structure Bill by the U.S. Senate Banking Committee scheduled for January 15. He stated that currently, the Senate seat distribution is 53 to 47, but a bill typically requires 60 votes to pass, meaning the Republicans still need 7-10 Democratic senators’ support for the bill to succeed. Alex Thorn added that the Crypto Market Structure Bill is significant, as it involves the classification of DeFi under anti-money laundering rules, the handling of stablecoin reserve yields, protections for non-custodial developers, and the SEC’s authority or restrictions over 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.
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