The US Senate Banking Committee is due to look over and decide on the Crypto Market Structure Bill this month, which could boom or bust XRP based on the result. The bill is under the spotlight currently due to the ongoing Davos World Economic Forum, as well as the crypto market teetering between bulls and bears.
Most analysts eye the bill as a potential catalyst for Bitcoin and other top coins to rally. If the U.S. Crypto Market Structure Bill passes, it could increase investor confidence in Bitcoin. Further, a clearer regulatory framework might encourage institutions to enter the market more freely. This could push Bitcoin price toward new highs, as major resistance levels get tested and potentially broken, thus pumping altcoins and other top assets like Ripple’s XRP.
Senate lawmakers have already proposed over 75 amendments to the bill. The latest proposal suggests that paying stablecoin yield will be banned, although some types of rewards may be allowed. Last Friday saw token efforts to undo some of the damage caused by Coinbase’s abrupt withdrawal of support for the latest draft of the CLARITY Act. Coinbase CEO Brian Armstrong declared last Wednesday that he’d “rather have no bill than a bad bill,” although he appeared to define ‘bad’ as what’s bad for his company, not the entire crypto sector.
A call was quickly set up between crypto stakeholders and Senate Democrats to see if a new joint approach could be found (it’s unclear if the GOP held a similar confab). While some reports suggested the call was productive, others called it a ‘group therapy session’ in which ‘no real progress’ was made. Should the bill be approved by the end of this month, Ripple XRP could be in for a bullish February.