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Crypto bills in the US are likely to face hostility from the Senate and White House, according to experts

  • Director of government relations for the US Blockchain Association believes the market structure bill is probably a two-year thing. 
  • Analysts at CoinDesk believe that the bill could face a potentially hostile Senate and White House. 
  • The market structure bill is, therefore, unlikely to be received as is from Senate Democrats and the White House.

Experts, namely the director of government relations for the US Blockchain Association and CoinDesk analysts, believe the crypto bill has a long way to go before being accepted as legislation.

While the market structure bill has garnered support from Democrats and Republicans, it remains unlikely that the legislation be received as is by the Senate and the White House.

Also read: Chainlink price likely to rally as CCIP testnet activity gathers steam

Crypto market structure bill unlikely to be signed off as is despite Bipartisan support

While the crypto market structure bill garnered bipartisan support, despite being led by Republicans, analysts at CoinDesk believe it is unlikely that the bill will get signed off as is. Once the bill got past the House Committee, it was considered a major win for crypto legislation in the US.

CoinDesk analysts believe that the Senate and the White House are likely to be potentially hostile towards the legislation in its current form. Supporting analysts’ view, the Director of government relations for the US Blockchain Association, Ron Hammond, told CoinDesk:

Market structure, realistically, is likely going to be a two-year thing. The market structure bill won a variety of Democrats on a variety of fronts.

Analysts note that the Senate Banking Committee chairman, Sen. Sherrod Brown (D-Ohio), is a stark critic of cryptocurrencies, and the Senator has shown little enthusiasm for weighing in on the legislation so far. This adds to the thesis that the bill needs further changes before approval. It is unlikely that the win will come quickly to crypto market participants and the ecosystem in the US.

Bitcoin, altcoins, stablecoins FAQs

What is Bitcoin?

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group, or entity, eliminating the need for third-party participation during financial transactions.

What are altcoins?

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version.

What are stablecoins?

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

What is Bitcoin Dominance?

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and increased market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and profits to altcoins in a quest for higher returns, which generally triggers an explosion of altcoin rallies.


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Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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