According to Jake Chervinsky, stablecoin legislation is expected to be finalized in the near future, which could provide greater regulatory clarity and support for crypto trading activities. However, Chervinsky notes that comprehensive market structure reforms will likely face more complex challenges and extend into next year at minimum (source: Jake Chervinsky, Twitter, May 27, 2025). Traders should prepare for a phased regulatory environment, where stablecoins may see increased adoption and volatility in the short term, while broader market structure changes could influence trading volumes and liquidity over a longer period.