Galaxy Research Director: If the Crypto Market Structure Act passes, it will become a bullish catalyst

CoinVoice has learned that Galaxy Research Director Alex Thorn posted on the X platform analyzing the upcoming vote on the Crypto Market Structure Act by the U.S. Senate Banking Committee. He stated that the current Senate seat vote count is 53 to 47, but typically a bill requires 60 votes to pass, indicating there is still a gap to reach the passing threshold. This means the Republican Party still needs the support of 7-10 Democratic senators for the bill to pass. Alex Thorn added that the Crypto Market Structure Act 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 on 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.