Core Viewpoint - The cryptocurrency industry is facing criticism for its resistance to the Senate's cryptocurrency market structure bill, with calls for compromise to avoid worse regulations in the future [1][4]. Group 1: Industry Reactions - Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, emphasized that "no bill is better than a bad bill," reflecting concerns from industry leaders like Coinbase CEO Brian Armstrong regarding the Senate's proposed legislation [2]. - Coinbase has withdrawn its support for the Senate's cryptocurrency market structure bill, citing issues with provisions related to tokenized equities, decentralized finance, and stablecoin rewards [2]. - Galaxy Digital has also criticized the bill, labeling it as "the single largest expansion to financial surveillance authorities since the USA PATRIOT Act" [3]. Group 2: Future Outlook - Witt predicts that a cryptocurrency market structure bill will eventually be enacted, stating, "It's a question of when, not if," and warns against the assumption that the industry can operate indefinitely without a regulatory framework [4]. - He urges the cryptocurrency industry to seek a compromise with the current pro-crypto administration, suggesting that future regulations could be more unfavorable under a different administration [4]. - Witt cautions that while the CLARITY Act may not be perfect, a future Democratic version could be significantly worse, advocating for continued efforts to improve the current proposal [5].

Market Overview - Bitcoin (BTC) has experienced significant volatility, trading between $82,000 and $90,000 since October 10, with a peak of $126,000 earlier in the month. As of December 5, Bitcoin was priced at approximately $91,009.90, reflecting a 1.5% decrease over the past 24 hours [1]. Future Predictions - Ripple CEO Brad Garlinghouse forecasts that Bitcoin could reach $180,000 by the end of 2026, indicating a bullish long-term outlook for Bitcoin and the broader cryptocurrency market [2][3]. Regulatory Environment - Garlinghouse highlighted the importance of regulatory clarity for the cryptocurrency industry, referencing the CLARITY Act, which aims to establish a clear regulatory framework for digital assets in the U.S. He expressed optimism about the potential passage of this legislation in the first half of next year, which could provide significant support for the industry [4][5]. CLARITY Act Objectives - The CLARITY Act seeks to: - Define classifications for cryptocurrencies and tokens - Clarify jurisdictional boundaries between the SEC and CFTC - Set operational standards for crypto exchanges, stablecoins, and market participants [5].