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delay

Opinion: The U.S. Senate's delay on the cryptocurrency market structure bill increases regulatory uncertainty, putting pressure on related assets

Galaxy Digital's research director Alex Thorn stated that the U.S. Senate Banking Committee's originally scheduled hearing on the cryptocurrency market structure bill has been postponed, highlighting the deep divisions between Congress and the industry on several key issues, particularly focusing on stablecoin yield mechanisms and DeFi-related provisions. This delay occurred just hours after Coinbase CEO Brian Armstrong withdrew his support for the bill. Armstrong publicly opposed the bill's references to tokenized securities, DeFi restrictions, and stablecoin yields. Senate Banking Committee Chairman Tim Scott subsequently announced the postponement of the hearing, but no new timeline has been provided. With the Senate set to recess next week, the earliest possible restart could be between January 26 and 30.Alex Thorn pointed out that within just 48 hours, the bill draft was released late at night, over 100 amendments were submitted, and stakeholders continued to discover new points of contention at the last minute, significantly increasing the difficulty of political coordination. On the market side, following the announcement of the delay, cryptocurrency assets generally declined, with Bitcoin and Ethereum dropping about 2% on the day; related U.S. stocks also faced pressure, with Coinbase down 6.5%, Robinhood down 7.8%, and Circle down 9.7%. In his analysis, Thorn believes that although there is a broad consensus on "market structure" itself, non-core but highly sensitive issues surrounding stablecoin yields, DeFi compliance, and granting the SEC regulatory tools in the area of tokenized securities have created an insurmountable political divide. "The apparent gap in disagreements is not large, but the substantive chasm is deep."

TD Cowen: The cryptocurrency market structure bill may be delayed until 2027 for passage and implemented in 2029

According to The Block, investment bank TD Cowen stated that the U.S. legislative process aimed at establishing clear rules for the cryptocurrency market may take longer than expected, with the passage of related bills potentially delayed until 2027, and actual implementation possibly postponed until 2029.In a report released by TD Cowen on Monday, it was noted that while there is still a path to push the cryptocurrency market structure bill through this year, the political maneuvering in the U.S. Congress increases the likelihood of delays. The agency believes that the Democrats currently lack the motivation to accelerate the legislative process, especially considering their assessment that they may regain control of the House of Representatives in the 2026 midterm elections.It also stated that election outcomes are always filled with uncertainty, so Democrats may reach an agreement, which could happen quickly as staff have been researching technical terms for months. Timing is favorable for the passage of the bill; if the bill is passed in 2027 and takes effect in 2029, then the issues will disappear. The cryptocurrency industry needs to accept that the presidential election may affect the final rules, and Democrats also need to acknowledge that conflict of interest provisions do not apply to Trump.

Delphi Digital: Solana's major upgrade Alpenglow is expected to launch in 2026, theoretically reducing confirmation delays by 100 times

Delphi Digital posted on platform X that Solana is preparing for a major upgrade called Alpenglow. This upgrade is a complete overhaul of the consensus mechanism, aiming to achieve sub-second finality by replacing Tower BFT and Proof of History (PoH).Alpenglow introduces two new protocol components: Votor and Rotor. Votor replaces the incremental voting rounds of Tower BFT with a lightweight voting aggregation model. Validators can aggregate votes off-chain before submitting the final confirmation, allowing blocks to achieve finality within 1 to 2 confirmation rounds. This improvement reduces the theoretical finality delay to 100 to 150 milliseconds, shortening it by about 100 times from the original 12.8 seconds.Votor achieves finality through two parallel paths: when a proposed block receives over 80% of the total staked weight in the first round, it triggers fast confirmation and takes effect immediately; if the support rate is between 60% and 80% in the first round, it triggers slow confirmation, requiring a second round of voting to exceed 60% for final confirmation.Rotor reconfigures Solana's block propagation layer. The original Turbine propagation network relied on multi-hop relays with variable delays, while Rotor introduces a staked-weight relay path that prioritizes bandwidth efficiency. Validators with high stakes and reliable bandwidth will become core relay points. Simulation data shows that under typical bandwidth conditions, block propagation can be completed in as fast as 18 milliseconds. This upgrade is expected to be rolled out gradually, with an initial launch timeframe anticipated between early to mid-2026.
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