Poland’s parliament has once again failed to overturn a presidential veto blocking a major crypto regulation bill, prolonging uncertainty around the country’s approach to digital assets.

The latest vote highlights an ongoing political deadlock between lawmakers and the president over how crypto should be regulated.

Parliament Falls Short of Required Votes

In Friday’s vote, lawmakers did not reach the 263 votes needed to override President Karol Nawrocki’s veto.

A total of 243 members voted against the veto, while 191 supported overturning it, leaving the bill stalled once again.

This marks the second failed attempt to push the legislation through despite government backing.

Bill Aims to Align With EU Rules

The proposed law, supported by Prime Minister Donald Tusk, is designed to bring Poland in line with the European Union’s Markets in Crypto-Assets framework.

Introduced in 2024, MiCA sets out rules for crypto issuance, custody, and market oversight across the EU.

Poland is currently the only EU member state yet to implement the framework.

President Raises Concerns

President Nawrocki has defended his veto, citing concerns about overregulation, lack of transparency, and the potential burden on smaller businesses.

He has repeatedly rejected the bill, arguing that passing the same legislation again does not address its underlying flaws.

Government Warns of Risks Without Regulation

Government officials have warned that the absence of clear crypto rules could leave investors exposed.

Finance Minister Andrzej Domański reportedly said the current situation risks turning the market into an “El Dorado for fraudsters,” emphasizing the need for stronger protections.

Ongoing Legislative Standoff

The political impasse dates back months.

After an initial failure in December, lawmakers quickly reintroduced a revised version of the bill, though critics argued it was largely unchanged.

The president vetoed the updated version again in February, reinforcing his opposition.

Crypto Industry Caught in the Middle

The debate has also drawn in Poland’s crypto sector.

Zonda, the country’s largest crypto exchange, has reportedly opposed the bill, adding another layer of tension to the situation.

The exchange has denied political allegations and pushed back against claims linking it to illicit activity.

Regulatory Uncertainty Continues

With no resolution in sight, Poland remains without a clear regulatory framework for crypto.

The ongoing standoff leaves businesses and investors operating in a legal gray area, while the rest of the EU moves ahead under unified rules.

Until a compromise is reached, Poland’s crypto market is likely to face continued uncertainty.

Strategy co-founder Michael Saylor has once again hinted at a major Bitcoin purchase, just days after the company revealed a $1 billion acquisition earlier this month.

The teaser suggests the firm may be preparing to expand its already massive Bitcoin holdings even further.

“Think Even Bigger” Hint Sparks Speculation

Saylor posted “Think Even ₿igger” on X alongside a chart of Strategy’s past Bitcoin purchases, a move he has historically used to signal upcoming buys.

The post follows a similar message shared just before the company disclosed its latest purchase of 13,927 Bitcoin worth $1 billion between April 6 and 12.

That acquisition was made at an average price of $71,902 per coin.

Strategy Doubles Down on Bitcoin

Strategy remains the largest public holder of Bitcoin, with a total of 780,897 BTC valued at over $58 billion.

The company has built its reputation on consistently accumulating Bitcoin, often making regular weekly purchases regardless of market conditions.

Dividend Plan Aims to Boost Demand

Alongside its aggressive Bitcoin strategy, the company is also exploring changes to its shareholder payouts.

Strategy recently proposed shifting to semi-monthly dividend payments, with distributions planned twice a month instead of the traditional quarterly schedule.

CEO Phong Le said the move is designed to stabilize the stock price, increase liquidity, and attract more investor demand.

If approved, the company would offer 24 dividend payments per year at a current rate of 11.5%.

Addressing Demand Fluctuations

Le noted that investor demand tends to drop after dividend eligibility periods pass, slowing share purchases.

The proposed change aims to smooth out that cycle by creating more frequent incentives for investors.

Strategy considered several options, including weekly and even daily dividends, before settling on the semi-monthly approach due to exchange rules.

Approval Process Underway

A preliminary filing has already been submitted to the US Securities and Exchange Commission.

Voting on the proposal is expected to begin on April 28 and conclude on June 8 at the company’s annual shareholder meeting.

If approved, the new dividend schedule could take effect as early as mid-July.

Stock Performance and Market Context

Strategy’s stock recently jumped nearly 12%, though it remains down more than 47% over the past year.

The company’s aggressive Bitcoin strategy comes despite reporting over $14 billion in unrealized losses on its digital asset holdings in the first quarter.

Bitcoin Accumulation Continues

Saylor’s latest hint reinforces Strategy’s long-term commitment to Bitcoin accumulation.

With ongoing purchases and new financial strategies aimed at attracting investors, the company appears set to continue playing a major role in shaping institutional demand for Bitcoin.

Bitcoin’s current market cycle is showing significantly weaker performance compared to previous halving-driven bull runs, according to Galaxy’s head of research, Alex Thorn.

While Bitcoin has still posted gains, both volatility and upside appear to be declining with each cycle.

Slower Growth Compared to Past Cycles

Thorn compared Bitcoin’s performance following the April 2024 halving to earlier cycles in 2012, 2016, and 2020.

The difference is stark.

Bitcoin surged roughly 9,294% after the 2012 halving, climbed about 2,950% in the 2016 cycle, and gained around 761% in the 2020 cycle.

By contrast, the current cycle has seen a much more modest increase. Bitcoin’s peak above $125,000 in October 2025 represented a gain of just 97% from its pre-halving price near $63,000.

Thorn described this as a “dramatic” underperformance compared to historical trends.

Declining Volatility Signals Market Shift

Another key trend is falling volatility.

The 30-day Bitcoin Volatility Index has dropped significantly compared to previous cycles. In 2020, it peaked above 9%, while in the current cycle it has struggled to exceed 3% and recently sits closer to 1.75%.

This suggests Bitcoin is maturing as an asset, with price swings becoming less extreme over time.

Changing Market Dynamics

The data points to a broader shift in how Bitcoin behaves.

Historically, halving events have been a major driver of price cycles. However, Thorn suggests that other factors may now be playing a larger role, potentially reducing the influence of the traditional four-year cycle.

This raises questions about whether past patterns can still be relied upon.

ETF Impact Skewed the Cycle

Some analysts argue that the current cycle is not directly comparable to previous ones.

Bitcoin reached a new all-time high above $70,000 in March 2024, before the halving event. This was largely driven by the approval of spot Bitcoin ETFs in the United States.

Because the rally happened earlier than usual, it may have reduced the magnitude of post-halving gains, making the cycle appear weaker than it actually is.

Smaller Drawdowns Show Stability

Despite lower upside, Bitcoin’s downside volatility has also decreased.

Previous bear markets saw declines of 80% to 90%, but the current cycle’s drop from $125,000 to around $60,000 represents a correction of just over 50%.

This suggests a more stable market structure, even if explosive growth has slowed.

Outlook Remains Uncertain

While the current cycle may look subdued, some analysts believe it is still evolving.

VanEck CEO Jan van Eck recently suggested Bitcoin could be nearing a bottom and may begin a gradual recovery into 2026.

A More Mature Bitcoin Market

Overall, Bitcoin appears to be transitioning into a more mature asset class.

Lower volatility and smaller drawdowns may appeal to institutional investors, even if they come at the cost of the massive gains seen in earlier cycles.

Whether this marks a permanent shift or just a temporary phase remains an open question.