Key Developments in US Crypto Legislation
Coinbase CEO Brian Armstrong announced on X that bipartisan efforts have achieved 90% completion on a US crypto market structure bill, with aspirations for its finalization by the end of the year.
This legislative initiative is anticipated to influence US-based Decentralized Finance (DeFi) tokens and stablecoin rewards, potentially leading to significant market shifts and enhanced regulatory clarity.
Coinbase Nears 90% Completion on Crypto Bill
Brian Armstrong, CEO of Coinbase, has reported substantial progress concerning the US crypto market structure bill. Following a meeting with Senate Democrats and Republicans on October 23, Armstrong indicated that the bill is approximately 90% complete. He expressed confidence in the bill's passage by the close of the year, with a potential review before the Thanksgiving holiday.
Coinbase is committed to safeguarding innovation within the DeFi sector and ensuring that users retain their rights to stablecoin rewards. The current bipartisan momentum surrounding this bill fosters increased optimism for the establishment of a legislative framework that adequately supports these critical areas of the cryptocurrency market.
"Momentum for market structure clarity is at an all-time high, even if Washington, D.C., is currently in recess. I sat down with Senate Democrats and Republicans who want to get this done—we’re 90% there. We're bullish on getting a bill passed by year-end, and hopeful it's out of Committee by Thanksgiving." — Brian Armstrong, CEO, Coinbase.
Industry leaders have shared a range of reactions. Summer Mersinger of the Blockchain Association has voiced concerns regarding potential limitations on decentralized finance. Conversely, Armstrong emphasized the paramount importance of regulatory clarity, asserting that a pro-crypto stance ultimately benefits all stakeholders.
Legislative Progress Could Boost Institutional Crypto Investment
Significant legislative efforts, such as the EU's Markets in Crypto-Assets (MiCA) regulation, have historically correlated with increased trading activity in related tokens. This suggests that advancements in privacy and protocol clarity could potentially lead to short-term market upticks.
The Coincu research team posits that successful legislative progress could attract greater institutional investment, thereby fostering innovation while simultaneously enhancing regulatory compliance among US-based crypto firms. The prospect of legislative clarity is expected to further bolster crypto ecosystems, with assets like Ethereum showing resilience and potential for new all-time highs.
