While the CFTC and the SEC support a more crypto-friendly regulatory landscape, the passing of crypto legislation remains key to longer-term adoption. Crucially, President Trump’s pro-crypto agenda paved the way for the shift in the regulatory landscape. A change in government could materially alter the agencies’ positions regarding oversight in the absence of crypto legislation.
Market Structure Bill in the Spotlight
Importantly, crypto-friendly legislation would establish a clear statutory framework, regulatory certainty, and a more compelling prospect for crypto adoption. The absence of crypto legislation allowed the SEC, under Gary Gensler, to choose a regulatory stance on digital assets.
Growing optimism that the US Senate will pass the Market Structure Bill has boosted demand for XRP. Reports of a TradFi and DeFi standoff coming to an end have been key to XRP’s recent breakout above $1.5.
Coinbase CEO Brian Armstrong, a member of the IAC, expressed optimism over US banks and the DeFi space reaching an agreement, stating:
“Coinbase attended both recent White House meetings, and the crypto industry is aligned. We’re making good progress towards reaching a win-win-win between the White House, banks, and crypto, and we’ll keep advocating for what’s best for crypto users, especially core consumer benefits like rewards.”
XRP remains highly sensitive to crypto-related regulatory developments. In January, the token rallied from a December 31 low of $1.8103 to a January 6 high of $2.4151 after the US Senate Banking Committee announced its markup vote on its draft text for the Market Structure Bill.
However, delays to the Agriculture Committee’s markup vote and the Banking Committee’s postponement of its markup vote triggered a sell-off, sending XRP to a 2026 low of $1.1227.
For context, Coinbase withdrew its support for the US Senate Banking Committee’s draft text for the Market Structure Bill, leading to the Banking Committee postponing its markup vote. Brian Armstrong warned that the draft amendments would kill rewards on stablecoins, allowing banks to ban their competition.
Since then, crypto and banking representatives have attended two sessions at the White House, looking to find common ground on stablecoin rewards.
Crucially, the US Senate passing the Market Structure Bill could kickstart an XRP rally. On July 17, 2025, XRP surged 14.69% after the US House of Representatives passed the Market Structure Bill to the Senate. These price trends highlight the potential upside for XRP should the Market Structure Bill receive bipartisan support.