- The Senate Banking Committee will review the Crypto Market Structure Bill this month, a move that could materially affect crypto assets.
- Analysts say the bill could boost investor confidence in Bitcoin and attract institutional entry, potentially lifting altcoins including Ripple’s XRP.
- Lawmakers have proposed more than 75 amendments, with one recent proposal seeking to ban paying stablecoin yields while allowing some rewards.
- Last Friday saw attempts to repair fallout after Coinbase abruptly withdrew support for the latest draft of the CLARITY Act.
- A follow-up call between stakeholders and Senate Democrats drew mixed reactions, with some praising it and others calling it “group therapy session” with “no real progress.”
The Senate Banking Committee is scheduled to review and decide on the Crypto Market Structure Bill this month in Washington, a process occurring amid the ongoing Davos World Economic Forum and a volatile crypto market. Lawmakers and industry participants say the bill’s outcome could influence prices and market direction, particularly for XRP.
Many analysts view the bill as a potential catalyst for a rally in Bitcoin and other major coins by improving legal clarity and investor confidence. A clearer regulatory framework could encourage institutions to enter the market more freely, which analysts say might push major resistance levels and lift altcoins.
Senators have already proposed over 75 amendments to the bill. The most recent proposal would ban paying stablecoin yields, although it allows for some types of rewards to remain.
Last Friday included token efforts to undo damage after Coinbase abruptly withdrew support for the latest draft of the CLARITY Act. Brian Armstrong declared last Wednesday “I’d rather have no bill than a bad bill.”
A rapid call was arranged between crypto stakeholders and Senate Democrats to seek a joint approach. Reports of that call were mixed, with some saying it was productive and others calling it “group therapy session” that yielded “no real progress.”
Observers note that if the bill clears the committee by month-end, XRP could see bullish momentum in February.
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