ChainCatcher message, Galaxy CEO Mike Novogratz posted on the X platform that the Crypto Market Structure Bill may be doomed to fail because parties have not reached an agreement on stablecoin yields, which is a manifestation of U.S. politics overriding good policy. Banks do not want crypto platforms to offer rewards to users. If the bill is vetoed, the current situation seems to be what banks fear. If this issue disrupts the Market Structure Bill, responsibility will be attributed to banks and the Republican and Democratic senators supporting banks, and the biggest losers will be American consumers. Hopefully, a calm mind will prevail.
Mike Novogratz added that gold prices indicate the dollar is accelerating in losing its reserve currency status, and the sell-off in long-term bonds is also not a good sign. Bitcoin’s performance has been disappointing due to ongoing sell-offs, and its price needs to break through $100,000 to $103,000 to reaffirm a recovery to an upward trend.
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