This week, US lawmakers are preparing for votes on several crypto-related bills. Key issues include market structure and new regulations regarding crypto assets.
Votes on Congressional Bills
Later this week, the House of Representatives will vote on the market structure bill as well as the GENIUS Act. If the House passes the GENIUS Act without changes, it will be forwarded to President Donald Trump for signing. Additionally, there will be votes on bills regarding crypto market structure and Central Bank Digital Currency (CBDC).
Banks Allowed to Custody Crypto Assets
On Monday, federal banking regulators – the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency – issued a joint statement on crypto-asset safekeeping by banks. According to the statement, banks can now offer custody services for crypto assets such as Bitcoin to their customers while complying with existing banking regulations.
Market Impact
Clear legislative frameworks and regulations surrounding crypto amid bullish sentiment are expected to play a crucial role in onboarding more investors. The market, including Bitcoin, has already shown significant bullish trends, partly due to an increase in institutional interest. According to TD Cowen, Bitcoin's price could reach $155,000 by December 2025, while a downside target could be around $55,000 if the price consistently closes below established support levels.
The current legislative changes in the US regarding cryptocurrencies and banking assets may have a positive impact on the market and attract more investors into the industry.
