According to @WhiteHouse, the U.S. Senate has advanced a major budget bill without including a crypto tax provision championed by Senator Cynthia Lummis, which would have waived capital gains taxes on small-scale transactions. While this specific tax relief effort is stalled for now, significant bipartisan progress on a comprehensive digital asset framework is occurring in the House of Representatives. Lawmakers there have advanced key legislation, including the FIT21 Act, the STABLE Act, and the CLARITY Act, which aim to establish clear regulatory jurisdictions for the SEC and CFTC, regulate stablecoins, and create a functional framework for digital assets to foster innovation. This legislative push seeks to provide the regulatory certainty that the industry has been lacking. Amid these developments, the crypto market shows some volatility, with Ethereum (ETH) trading at approximately $2,516 against USDT, marking a 24-hour decline of over 2.3%.

According to @WhiteHouse, the U.S. Senate has advanced a major budget bill without including a crypto-friendly tax provision proposed by Senator Cynthia Lummis, which aimed to waive capital gains taxes on small-scale digital asset transactions. While this specific tax relief effort stalls, significant progress is being made on a broader regulatory framework. The source highlights the bipartisan House passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act, which aims to clarify the jurisdictions of the SEC and CFTC. Furthermore, the STABLE Act for payment stablecoins and the CLARITY Act for digital asset classification have both advanced from House committees, forming what is described as the most comprehensive digital asset framework Congress has ever considered. Amid these regulatory developments, Ethereum (ETH) has demonstrated strong positive momentum, with its price surging over 6% in the last 24 hours to approximately $2,600, as seen in the ETHUSDT trading pair, which reached a high of $2,615.26.

According to @iampaulgrewal, the United States is making significant bipartisan progress toward establishing a clear federal regulatory framework for digital assets, a move that could significantly impact the market. Key legislative milestones include the House passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act, which aims to clarify the jurisdictional boundaries between the SEC and CFTC. Further momentum was achieved with the advancement of the CLARITY Act and the STABLE Act, which together form a comprehensive framework for classifying digital assets and regulating payment stablecoins. These developments aim to replace the SEC's 'regulation by enforcement' approach with clear rules, fostering innovation and protecting investors. This positive regulatory momentum coincides with upward market movement, as Bitcoin (BTC) has risen 2.29% and Solana (SOL) has gained 4.30% in the last 24 hours, suggesting that traders may view increasing regulatory clarity as a bullish catalyst.

According to @WhiteHouse, the United States is making significant strides toward establishing a comprehensive regulatory framework for digital assets, which could impact trading conditions for cryptocurrencies like Bitcoin (BTC) and Solana (SOL). Several key pieces of bipartisan legislation are advancing through Congress, including the FIT21 Act, the STABLE Act, the CLARITY Act, and the GENIUS Act. These bills aim to provide much-needed legal clarity by defining the jurisdictions of the SEC and CFTC, establishing rules for stablecoins, and creating a functional framework for classifying digital assets, according to the source. The legislation is designed to foster innovation, protect consumers, and solidify U.S. leadership in the blockchain sector. Specific proposals also target clarifying Bitcoin's legal status and addressing tax issues to encourage its use for everyday transactions. Despite this positive legislative momentum, the market shows a slight short-term consolidation, with Bitcoin (BTC) trading around $106,495 and Solana (SOL) near $148.29, both experiencing a modest decline of just over 1% in the last 24 hours.

According to the White House, the United States is advancing towards comprehensive digital asset regulation, a move with significant implications for cryptocurrencies like Ethereum (ETH). U.S. Senator Tim Scott, chairman of the Senate Banking Committee, has set a new deadline of September 30 to finalize a crypto market structure bill, as stated at a press event. This legislative push, building on the House-passed FIT21 Act, aims to clarify the jurisdictional boundaries between the SEC and CFTC, potentially reducing the regulatory uncertainty that has hampered the industry. While the White House is pushing for the House to quickly pass the Senate's GENIUS Act for stablecoins, potential disagreements between the legislative chambers and the need for the Senate Agriculture Committee's input could present hurdles. For traders, this accelerated timeline towards regulatory clarity could signal a more stable and predictable investment environment for digital assets in the near future.

According to @WhiteHouse, the United States is advancing towards a comprehensive federal regulatory framework for digital assets to provide clarity for investors and innovators. Key legislative efforts include the House-passed FIT21 Act, which aims to classify digital assets and define the roles of the SEC and CFTC, and the CLARITY Act, which establishes a functional framework for digital asset classification and consumer protection. Separately, an amendment from Senator Lummis proposes significant tax changes, including waiving taxes on crypto transactions below $300 and altering the tax treatment of staking and mining rewards to be taxed only upon sale, not acquisition. This change, sought by industry groups, would align tax policy with actual income realization for validators and miners. The amendment also seeks to close the wash-sale loophole used for tax-loss harvesting. Amidst these regulatory developments, Solana (SOL) is trading around $154.84, while Cardano (ADA) is near $0.5726, with both assets showing strength against Bitcoin (BTC) in their respective trading pairs.

According to the White House, the United States is advancing a comprehensive digital asset regulatory framework designed to foster innovation and solidify the U.S. dollar's global leadership. Key bipartisan legislation, including the FIT21, STABLE, and CLARITY Acts, has progressed through Congress to establish clear rules for digital assets, clarifying the jurisdictions of the SEC and CFTC. A crucial upcoming step is the Senate's final vote on the GENIUS Act, which focuses on stablecoins. The administration views the over $190 billion in dollar-backed stablecoins not as speculative assets, but as 'digital dollars' that extend America's financial influence. For traders and investors, the passage of these laws would significantly reduce regulatory uncertainty, provide clear guidelines on reserves and consumer protections, and potentially unlock a new wave of institutional capital into the US crypto market by creating a stable and predictable environment.

According to @WhiteHouse, the United States is making significant bipartisan progress toward establishing a comprehensive regulatory framework for digital assets, which could provide much-needed clarity for traders and investors. The passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act in the House, with support from 71 Democrats, aims to clarify the jurisdictional boundaries between the SEC and CFTC, ending a period of regulation-by-enforcement that has pushed innovation offshore. Further legislative efforts include the CLARITY Act, STABLE Act, and GENIUS Act, which collectively seek to establish rules for stablecoins, define digital assets as securities or commodities, and enhance consumer protection. This push for regulatory clarity is seen as critical for the U.S. to maintain leadership in blockchain technology. From a trading perspective, this legislative momentum could serve as a long-term bullish catalyst. Currently, the market shows mixed signals, with Solana (SOL) up 3.33% to $156.56, while Bitcoin (BTC) remains relatively stable at $107,479.50, showing a minor 24-hour decrease of 0.049%.

According to the White House, the U.S. crypto landscape is facing two pivotal developments with significant trading implications. Firstly, the Supreme Court has declined to review a case challenging the Internal Revenue Service's (IRS) authority to access user data from exchanges like Coinbase, effectively upholding the agency's power to use a "John Doe summons" for tax enforcement purposes. This decision reinforces the third-party doctrine, meaning traders' data shared with platforms has limited privacy protection, potentially leading to increased tax scrutiny. Secondly, and in contrast, Congress is making significant bipartisan progress on a comprehensive regulatory framework. The White House highlighted the advancement of the FIT21, STABLE, and CLARITY Acts, which aim to establish clear jurisdictional lines between the SEC and CFTC, regulate stablecoins, and create a functional framework for digital assets. This legislative momentum is viewed as a critical step toward reducing regulatory uncertainty, which could foster innovation and attract institutional investment into the U.S. crypto market.

According to Jake Chervinsky, even if the current House crypto regulation bill progresses, its future in the Senate remains highly uncertain due to challenging political dynamics. Chervinsky highlights that the FIT21 Act, which previously passed the House, failed to advance in the Senate, a trend that could persist for new crypto bills (source: Jake Chervinsky on Twitter, May 27, 2025). For crypto traders, this suggests that significant regulatory clarity or policy changes affecting the cryptocurrency market may be delayed, potentially maintaining current volatility and affecting institutional adoption.