In recent days, it feels like the future of cryptocurrency regulation has entered a very critical phase. As Ripple’s CEO mentioned at Consensus Miami the other day, the moves over the next two weeks are highly likely to have a major impact on the industry’s overall prospects.

Specifically, it’s been pointed out that if the Senate Banking Committee does not hold a public hearing within the next few weeks, the prospects for passage of cryptocurrency-related legislation will decline rapidly. As the midterm elections draw nearer, this issue becomes far too politically delicate, and the likelihood that it will be brought back up again after the election becomes even more limited.

Last week, the news that Representative Angela Alsobrooks and Representative Tom Tillis reached a compromise regarding stablecoin rewards provided a brief moment of hope. However, the situation in which conflicts of interest involving Mr. Trump regarding cryptocurrencies and allegations of improper funding remain unresolved symbolizes the uncertainty surrounding the regulatory environment’s outlook.

It’s true that the SEC and the CFTC have tried to provide some clarification through guidelines and token classification, but honestly, that alone is not enough. To ensure sustainability that isn’t affected by a change in administration, a legislative-level framework is essential. Otherwise, the future of the entire industry—including Ripple—will remain in an unstable state, driven by political developments. It’s worth keeping a close watch on how things unfold over the next two weeks.