Greg Cipolaro, head of research at financial services firm NYDIG, stated that the US Senate crypto regulatory bill must be passed by August, otherwise its fate remains uncertain ahead of the midterm elections. Although White House officials initially aimed to finalize the bill by July 4, experts note that the realistic deadline is between June and August. This is reported by Cointelegraph.com reports .
This bill is crucial for regulating the crypto asset market and defines the powers of US regulatory bodies. However, debates over issues such as stablecoins and the use of crypto assets by government officials, as well as lobbying, are delaying the bill's passage. Although the Senate Banking Committee has approved the draft, 60 votes are required to pass it on the Senate floor.
Although Republicans hold a majority in the Senate, Democratic support is necessary to pass the law quickly. Some Democrats are concerned that the bill lacks sufficient measures against crime and sanctions evasion. If the bill is not passed before the August recess, it will be nearly impossible to discuss before the November elections.
According to Cipolaro, if Democrats gain control of the Senate, the likelihood of the current Republican-backed bill being passed next year is very low. The passage of the bill could provide a major boost to the crypto market, as legal clarity would give large institutional investors confidence to enter the sector.
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