When will Congress likely pass the cryptocurrency market structure bill, which aims to establish a regulatory framework for digital assets?
Seeking Alpha analyst Jack Bowman gave us his thoughts.
Jack Bowman: Congress moves slowly, but I would imagine that they’ll try to get this through before the end of this year, as they likely don’t want a chance of losing seats in midterms and not being able to pass a bill after January 2027.
As for what the bill will do, I think the largest impact, if it passes in its current form, will come with the ability for banks to pay interest on stablecoin deposits, which GENIUS currently prohibits.
That’s very bullish for Circle (CRCL) and crypto-forward banks, but bearish for legacy financial institutions that won’t be able to compete for deposit dollars in crypto. I would expect this change to benefit big banks like JPMorgan (JPM) and UBS Group (UBS) over regional banks (KRE).