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.