Wall Street brokerage Benchmark stated that the US cryptocurrency market will face structural constraints if Congress fails to pass a market structure bill this year. Analyst Mark Palmer noted in a report that the legislative vacuum will lead to a persistent structural risk premium, limiting the valuation expansion of platforms influenced by the US. This situation will delay the maturation of cryptocurrencies, making investors more inclined towards Bitcoin-centric investments, strong balance sheets, and cash flow-generating infrastructure, rather than regulatory-sensitive areas such as exchanges, decentralized finance (DeFi), and altcoins. DeFi and smart contract platforms are most vulnerable, while Bitcoin, miners, and energy-backed infrastructure are less risky. The bill aims to define market structure by specifying how digital assets are classified as commodities or securities and clarifying the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Despite the delays, Palmer believes the bill is more likely to pass than fail, and any version of the legislation will reduce regulatory risks and unlock broader institutional participation. (CoinDesk)