Alex Thorn, Head of Research at Galaxy, posted on the X platform analyzing the upcoming vote on the Cryptocurrency Market Structure Act by the U.S. Senate Banking Committee scheduled for January 15. He stated that the current Senate seat distribution is 53 to 47, but usually, a bill requires 60 votes to pass, so there is still a gap to the passing threshold. This means the Republicans still need the support of 7-10 Democratic senators to get the bill passed.

Alex Thorn added that the Cryptocurrency Market Structure Act is significant, involving the classification of DeFi under anti-money laundering rules, handling of stablecoin reserve yields, protection for non-custodial developers, and the SEC’s authority to authorize or restrict token issuance. If passed, it will become a major bullish catalyst for the widespread adoption of cryptocurrencies. If it fails to advance, although the overall impact on the fundamentals of the crypto industry will be relatively small, it may lead to negative market sentiment.