NYDIG: If the Senate's cryptocurrency market structure bill is not passed before August, it may completely fail after the midterm elections

According to Cointelegraph, NYDIG research director Greg Cipolaro stated that if the U.S. Senate's cryptocurrency market structure bill does not pass before August, it may completely fail after the midterm elections. Cipolaro pointed out that the Senate Banking Committee passed the bill along party lines last week, but it needs 60 votes to pass in the Senate. Congress will be in recess from late July to early September, and then enter the pre-midterm election period, making it unlikely that Senate leadership will schedule a controversial 60-vote vote.

If this window is missed, the most likely path is a post-election lame-duck session. If the Democrats control the Senate after the midterm elections, the current Republican-supported bill is unlikely to advance in the new Congress in January. Cipolaro stated that lawmakers face a choice: either accept an imperfect bipartisan framework or confront a drastically different legislative environment after the midterm elections. The White House's cryptocurrency advisors previously aimed to pass the bill by July 4, but Cipolaro believes a more realistic window is from June to early August.