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▲ US, CBDC, Cryptocurrency Regulation/ChatGPT Generated Image
A bill that could overturn the US cryptocurrency regulatory landscape has entered an 8-day race before the Senate recess. However, criticism that it fails to prevent conflicts of interest in Donald Trump's cryptocurrency business has emerged as a last-minute variable.
On July 29 (local time), the cryptocurrency-focused YouTube channel Altcoin Daily stated in an uploaded video that the US crypto market structure bill is a turning point that will establish a unified digital asset regulatory framework across the United States. Tom Lee explained that if different regulations are applied in each state, banks and asset managers might hesitate to tokenize assets and build stablecoin payment networks. He said, “The cryptocurrency market is facing a moment like 1934.”
The biggest obstacle to legislation is the tight congressional schedule. The video reported that the US Senate has only about 8 days to work normally before the August recess, and even in September, the actual legislative activity period will be limited to about 12 days. John Thune, the US Senate Majority Whip, stated that a vote on the US crypto market structure bill could proceed after prioritizing the Russia sanctions bill, the government budget bill, and approximately 74 personnel nominations. However, it is not yet confirmed whether Democrats will provide the necessary votes for the procedure to move forward.
Bipartisan negotiations are ongoing. The video introduced that Democratic senators and Senator Thom Tillis plan to prepare Democratic amendments and deliver them to the White House. The host interpreted the presentation of amendments as a sign that both sides are seeking a compromise. On the other hand, John Oliver criticized that if the bill passes, it will be difficult for the next administration to reverse the regulations, and there are insufficient mechanisms to prevent Trump from profiting from memecoins and other cryptocurrency businesses. Oliver stated, “While appropriate safeguards are needed, the US crypto market structure bill is not the answer.”
Changes in altcoin-related businesses were also introduced. Ondo (ONDO) has shifted its direction from an institution-focused Layer 1 blockchain plan to a network that processes transactions outside of public blockchains. Approximately $1.5 billion of Franklin Templeton's tokenized money market fund assets have been deployed on BNB Chain. This accounts for 61.7% of its total assets under management of $2.44 billion, surpassing Stellar (XLM) and Ethereum (ETH).
Solana (SOL) decentralized exchange trading volume reached $17 billion. The video noted that even during a market correction, Solana is securing a significant portion of on-chain transaction activity, indicating continued real user demand. Along with the fate of the US crypto market structure bill, business indicators for Ondo, BNB Chain, and Solana were presented as key market watchpoints.
[Article Summary]
-The US crypto market structure bill was evaluated as a turning point to establish a nationwide regulatory framework, but there are only about 8 days available for processing before the Senate recess.
-As bipartisan negotiations continue over amendments, criticism has been raised that there are insufficient mechanisms to prevent Trump's conflicts of interest in cryptocurrency businesses.
-BNB Chain secured 61.7% of Franklin Templeton's tokenized fund assets, and Solana's decentralized exchange trading volume reached $17 billion.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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