The regulatory path for the cryptocurrency industry has made new progress. Galaxy CEO Michael Novogratz recently revealed that a regulatory bill covering the entire crypto market is expected to be finalized within a few weeks. Although it may not be perfect, the direction toward compliance is becoming increasingly clear.

The current controversy mainly revolves around stablecoin rewards. The Senate Banking Committee had planned to hold a hearing last Thursday to discuss amendments to the Market Structure Bill, but negotiations suddenly stalled a few days ago. Traditional financial institutions strongly oppose the GENIUS Act passed last summer — while it prohibits stablecoin issuers from paying interest directly, platforms like Coinbase can still offer rewards to users, which the banking industry sees as a regulatory loophole. The crypto community, on the other hand, believes the banking sector is trying to suppress competition, especially since the issue of stablecoin yields was already discussed last summer.

"I believe all parties will ultimately find a compromise," Novogratz told CNBC. "It might not be the most ideal outcome for the crypto industry, but at least it’s acceptable. The key is to push the bill through so the industry can continue moving forward. Perfection is the enemy of progress; pass it first, and improve things later."

The industry generally believes that, despite some setbacks, the regulatory framework's final implementation is an inevitable trend.