According to the report, Senator Tim Scott, chairman of the Senate Banking Committee, stated that legislation establishing rules for U.S. crypto markets will be finalized by September 30, potentially reducing regulatory uncertainty and stabilizing crypto prices for traders. Scott emphasized the need for the House to quickly approve the Senate-passed stablecoin bill (GENIUS Act), as this could expedite market clarity. However, challenges from the House and Senate Agriculture Committee may cause delays, as noted by Representative French Hill and Senator Cynthia Lummis, which could lead to short-term volatility in crypto markets.

According to Nic Carter, the market is anticipating the Federal Reserve and FDIC's response following the advancement of Tim Scott's FIRM Act from the Senate Banking Committee. The FIRM Act, which aims to establish a regulatory framework for digital assets, could influence the regulatory landscape significantly if the Fed and FDIC do not take action. This development is critical for traders as it could impact the regulatory environment for cryptocurrency markets. (Source: Nic Carter on Twitter)