Odaily Planet News: Alex Thorn, head of research at Galaxy, posted on the X platform stating that the U.S. Senate Banking Committee is about to vote on the cryptocurrency market structure bill on January 15. Currently, the Senate is divided 53-47. Since bills typically require 60 votes to pass, Republicans will need the support of 7 to 10 Democratic senators.
Alex Thorn stated that the bill addresses the classification of DeFi under anti-money laundering (AML) regulations, the treatment of yield from stablecoin reserves, protections for non-custodial developers, and the SEC's authority or restrictions regarding token issuance. If the bill is passed, it would become a major bullish catalyst for the adoption of cryptocurrencies. If it fails to pass, while the overall impact on the industry fundamentals would be relatively minor, it could still lead to negative market sentiment.