According to the source, the U.S. market-structure effort centers on FIT21 (H.R. 4763), which passed the House on May 22, 2024 but saw no Senate vote in the 118th Congress, leaving no enacted statute from that session. source: U.S. Congress congress.gov H.R. 4763; Clerk of the U.S. House of Representatives. Under federal procedure, measures that do not pass both chambers before adjournment must be reintroduced in a new Congress, so traders should treat federal passage timing as uncertain until a fresh bill number and Senate scheduling appear on official dockets, keeping regulatory headlines as the key near-term catalysts for BTC and ETH volatility. source: Congressional Research Service Introduction to the Legislative Process; U.S. Senate Calendars and Schedules. In the interim, SEC and CFTC actions continue to define practical market structure via approvals, rulemaking, and enforcement, which historically act as immediate policy drivers for crypto market microstructure and liquidity conditions. source: U.S. Securities and Exchange Commission; U.S. Commodity Futures Trading Commission.

According to @CryptoAmerica_, Chair of the Financial Committee @RepFrenchHill revealed that the House dedicated significant efforts over the Easter break to gather technical assistance from industry experts, the SEC, and the CFTC for revising the FIT21 market structure bill. This engagement suggests a proactive approach towards refining regulatory frameworks, which could impact cryptocurrency trading by potentially altering compliance requirements and market operations. Traders should stay informed of these developments as they could influence market volatility and trading strategies.