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Coinbase CEO Brian Armstrong claims that momentum for the adoption of market structure legislation is currently at an all-time high.
A highly influential businessman says Republicans and Democrats are hard at work on the last 10% of landmark legislation.
“Both parties are working hard to determine the final 10%, and we’re getting close,” Armstrong said.
He hopes to have the bill out of the Senate Banking, Housing and Urban Affairs Committee by Thanksgiving.
“90% on the same page”
In a short video clip that Armstrong Sharing it on his social media profile, Coinbase’s CEO says he had a chance to attend “some meetings” with both Democrats and Republicans this morning. “I’d say they’re 90% on the same page,” he noted.
There are several remaining issues that need to be addressed, including decentralized finance (DeFi), Armstrong says. He emphasized that decentralized intermediaries should be regulated instead of protocols.
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In addition, Armstrong also mentioned the problem stable reward coinswhich the banking lobby is trying to kill.
The main bullish catalyst?
During the recent appearance on CNBC, Galaxy CEO Mike Novogratz opined that the eventual passage of the Market Structure Act could push cryptocurrency prices up sharply.
Novogratz is confident the bill could pass within the next six weeks despite the ongoing government shutdown.
“There’s a bill in DC that needs to be passed, hopefully in the next six weeks…If that happens, I think it’s going to take a big hit for cryptocurrencies,” Novogratz said.
