In this month’s US Senate Banking Committee meeting, the committee will be deciding on the Crypto Market Structure Bill. Depending on its outcome, XRP could go boom or bust. Bill is currently in the spotlight due to Davos World Economic Forum and the crypto market that’s teetering on the edge of bulls or bears.
Analysts see the bill as potentially triggering a rally in Bitcoin and top-tier coins. It could lead to an increase in investor confidence if the U.S. Crypto Market Structure Bill is passed. In addition, a more transparent regulatory environment could encourage institutional investors to participate in the market with greater freedom. The price of Bitcoin could reach new heights as resistance levels are tested, and possibly broken. This would boost altcoins like Ripple XRP and other assets.
Over 75 amendments have been proposed to the bill by senators. In the most recent proposal, it is suggested that stablecoins yields may not be paid out but other rewards might be. Coinbase abruptly withdrawing its support of the CLARITY Act last Friday led to token attempts at repairing some of the damage. Coinbase CEO Brian Armstrong declared last Wednesday 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.
It was decided to call crypto stakeholder and Senate Democrats in order to find a joint solution (it is unclear whether the GOP had a similar meeting). While some reports suggested the call was productive, others called it a ‘group therapy session’ in which ‘no real progress’ was made. If the bill is approved before the end of the month, Ripple XRP may have a good February.
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Source: watcher.guru
