US Crypto Bill to be Decided in 48 Hours?... 'Transactions will Surge if Passed'

▲ Cryptocurrency regulation, cryptocurrency law, US Securities and Exchange Commission/AI-generated image

A forecast has emerged that the Senate vote on the US cryptocurrency market structure bill could be decided within the next 48 hours.

Cryptocurrency-focused YouTube channel Paul Barron Network claimed in a video released on August 6 (local time) that the next two days would be a watershed moment for the bill's vote. The probability of passage on prediction market Polymarket dropped to 15%. However, US Senator Cynthia Lummis expressed confidence in the bill's vote, stating that the Senate is likely to continue its session until the weekend. Lummis said, “We negotiated with Democrats for 11 months and added over 300 pages to the bill at their request. Now is the time to put senators' positions on the record.”

The video explained that the Senate's schedule was pushed back due to the temporary spending bill to prevent a government shutdown being processed first. Analysis suggests that once the temporary spending bill vote is over, the path to begin legislative deliberation will open. Many Republican senators also stated their intention to remain in Washington until congressional business is concluded. One senator said, “If necessary, I will stay throughout August and pass all bills this week.”

Tom Lee, Head of Research at Fundstrat, declared that “the crypto bear market is over” and predicted a significant increase in cryptocurrency trading in three months. He assessed Robinhood's (HOOD) target price of $120 as reasonable. However, unlike Wall Street, which focuses on 12-month outlooks, he claimed he is looking 3-5 years ahead, suggesting that long-term stock prices could be much higher. Lee projected that in 10 years, the market capitalization of the world's largest financial company could reach $10 trillion, and if Robinhood were to achieve that status, it could grow more than 100 times its current size.

Traditional financial institutions are also expanding their blockchain businesses, independent of the bill's processing. The CEO of Wells Fargo (WFC) stated, “The banking sector also recognizes the reality of tokenization and blockchain technology and is developing related services.” Wells Fargo plans to launch a tokenized deposit service this fall and expand it until 2027. Lee suggested that Real-World Asset (RWA) tokenization has the potential to grow by providing liquidity and market prices to assets that were previously more difficult to trade than stocks and bonds.

Matt Hougan, Chief Investment Officer at Bitwise, assessed Uniswap (UNI) as “the easiest investment in the current cryptocurrency market.” He emphasized that despite Uniswap being a global brand, its market capitalization based on circulating supply is only $2.7 billion. Fee switching, improved token economics, real-world asset linkage, collaboration with large financial institutions, and changes in the regulatory environment were presented as reasons for growth. The video also pointed to the record $8.3 trillion accumulated in money market funds as a potential liquidity factor for the market.

[Article Summary]

-Paul Barron Network predicted that the Senate vote on the US cryptocurrency market structure bill could be decided within the next 48 hours.

-Tom Lee declared the end of the crypto bear market and suggested that Robinhood could grow more than 100 times in the long term.

-Matt Hougan assessed Uniswap as the easiest investment in the current cryptocurrency market, citing regulatory improvements and changes in token economics.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*