According to the source, FTX plans to redistribute another $1.6 billion starting September 30. According to the source, the announcement confirms the start date and amount but provides no further details relevant to trading such as asset type or distribution mechanics.

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.