Coinbase CEO Brian Armstrong claims that the momentum for passing the market-structure legislation is currently at an all-time high.
The highly influential entrepreneur claims that the Republicans and the Democrats are working hard on the final 10% of the pivotal legislation.
"Both sides are working hard to figure out the final 10%, and we're getting close," Armstrong said.
He hopes that the bill will be able to come out of the Senate Committee on Banking, Housing, and Urban Affairs by Thanksgiving.
"90% on the same page"
In a brief video clip that Armstrong shared on his social media profile, the Coinbase executive says that he had a chance to attend "some meetings" this morning with both the Democrats and the Republicans. "I'd say that they are 90% on the same page," he noted.
There are a couple of remaining issues that have to be ironed out, including decentralized finance (DeFi), Armstrong says. He stressed that decentralized intermediaries should be regulated instead of protocols.
In addition, Armstrong also mentioned the issue of stablecoin rewards, which the banking lobby is trying to kill.
Major bullish catalyst?
During a recent appearance on CNBC, Galaxy CEO Mike Novogratz opined that the eventual passage of the market structure bill could push cryptocurrency prices sharply higher.
Novogratz is convinced that the bill could pass within the next six weeks despite the ongoing government shutdown.
"There’s a bill in D.C. that needs to get passed, hopefully, in the next six weeks...If that does, I think that’ll give crypto a real jolt to the upside," Novogratz said.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team