According to the source, Rep. French Hill helped drive House passage of the Financial Innovation and Technology for the 21st Century Act (H.R. 4763, FIT21) in May 2024, a market-structure bill that clarifies SEC and CFTC oversight of digital assets (source: Clerk of the U.S. House; Congress.gov; U.S. House Financial Services Committee). He served as Chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion in the 118th Congress, overseeing related hearings and markups (source: U.S. House Financial Services Committee). The Clarity for Payment Stablecoins Act advanced out of the House Financial Services Committee in July 2023, signaling ongoing bipartisan work on a federal stablecoin framework (source: U.S. House Financial Services Committee). For traders, the next procedural steps to watch are Senate consideration of FIT21 and stablecoin legislation and scheduling updates on Congress.gov and the Senate Banking Committee docket, which determine timing for potential regulatory clarity affecting U.S. market access for BTC and ETH (source: Congress.gov; U.S. Senate Committee on Banking, Housing, and Urban Affairs).

According to Eleanor Terrett, top U.S. senators, including Tim Scott and Cynthia Lummis, have introduced a new framework for regulating U.S. crypto markets, aiming to establish clear distinctions between digital securities and commodities and foster innovation through safe harbors and sandboxes. The source indicates this market structure bill is a top priority, with a goal to deliver it to the president by the end of September. Separately, Senator Lummis has introduced a standalone crypto tax bill proposing a $300 capital gains tax exemption for small transactions and eliminating double taxation on staking and mining rewards. These legislative efforts provide potential long-term clarity for the market, which is currently seeing Bitcoin (BTC) trade around $108,477, with altcoins like Solana (SOL) at approximately $150.97 and Avalanche (AVAX) showing strong gains against BTC, up over 6.7% according to provided market data.

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 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.