Galaxy's research director interprets the voting prospects for the Cryptostructures Bill, stating that its passage would be a major positive, while op...

According to Mars Finance, Alex Thorn, Head of Research at Galaxy, published an analysis on the X platform of the upcoming Senate Banking Committee vote on the Crypto Market Structure Bill. He stated that the current Senate vote is 53 to 47, but a bill typically requires 60 votes to pass, meaning Republicans still need 7-10 Democratic senators to support the bill. 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 fundamentals of the crypto industry would be relatively small, it could lead to negative market sentiment.