The firm stated:
The original questions about token classification and regulatory jurisdiction have become mostly table stakes, with most factions in agreement.
“The big test will be if Republicans and Democrats can come together next Thursday and advance the bills out of committee on a bipartisan basis,” the firm noted.
Assessing potential outcomes, Galaxy wrote:
FAQ ⏰ Why are upcoming Senate committee votes critical for crypto regulation? They could determine whether crypto market structure legislation advances this year or stalls amid political division. What issues remain unresolved in Senate crypto negotiations? Key sticking points include DeFi classification, stablecoin reserve yield treatment, and SEC authority over token issuance. How could bipartisan crypto legislation impact the market? Clear token classifications and regulatory jurisdiction could boost adoption and investor confidence. What happens if the Senate fails to advance crypto bills? Galaxy says the fundamental downside would be limited, though market sentiment could turn negative.
