Digital asset research and investment firm Galaxy shared on social media platform X on Jan. 9 that upcoming Senate committee votes could determine whether comprehensive U.S. crypto market structure legislation advances toward enactment or falters amid unresolved political divisions.

The firm stated:

The original questions about token classification and regulatory jurisdiction have become mostly table stakes, with most factions in agreement.

Galaxy used that framing to describe how Senate negotiations have moved beyond basic jurisdictional questions as momentum builds around the Responsible Financial Innovation Act. The analysis detailed Senate Banking Committee Chairman Tim Scott’s plans to advance the bill through markup, reported preparations for a parallel markup in the Senate Agriculture Committee under Senator John Boozman, and active White House involvement following a private bipartisan meeting with Democratic and Republican senators and administration officials. Galaxy emphasized that talks are now concentrated on unresolved policy disputes, including the treatment of DeFi under anti-money-laundering rules, limits on stablecoin issuers sharing reserve yield, legal protections for non-custodial developers, and the extent of authority exercised by the U.S. Securities and Exchange Commission (SEC).

“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.

Read more: Landmark Crypto Bills Drive 2025 Regulatory Shift as Congress Signals Commitment to Digital Asset Growth

Assessing potential outcomes, Galaxy wrote:

Enactment of a bipartisan market structure legislation that clearly defines token classifications, delineates regulatory jurisdictions, and protects developers and non-custodial protocols would be a major bullish catalyst for crypto adoption.

The firm also stated: “If the Senate fails to advance the measure, though, the downside impact would be relatively minimal, fundamentally for the industry (though it could result in negative market sentiment).” Galaxy emphasized that recent administrative relief and regulatory pivots have already delivered progress for the sector, while noting that codifying these changes into federal law would limit future regulatory reversals and provide certainty for traditional investors and companies. The firm concluded that crowded congressional calendars and looming midterm elections make the upcoming committee votes a narrow but decisive window for action.

• 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.

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