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Senator Lummis Projects US Crypto Legislation Finalization by End of 2024, Citing Bipartisan Hurdles | Flash News Detail | Blockchain.News
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7/3/2025 9:40:58 PM

Senator Lummis Projects US Crypto Legislation Finalization by End of 2024, Citing Bipartisan Hurdles

Senator Lummis Projects US Crypto Legislation Finalization by End of 2024, Citing Bipartisan Hurdles

According to Eleanor Terrett, leading crypto proponent Senator Cynthia Lummis has set a target for completing comprehensive U.S. crypto legislation before the end of the 2024 calendar year. While a stablecoin bill has successfully passed the Senate, Lummis acknowledged that broader market structure legislation faces significant challenges due to a lack of bipartisan consensus. The report highlights that partisan divisions and Democratic concerns over potential conflicts of interest are complicating the process. For traders, this legislative timeline is a critical factor, as regulatory clarity is essential for market stability and institutional confidence in assets like Bitcoin (BTC). Any delays could prolong market uncertainty, while successful passage would likely be a significant bullish catalyst.

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Analysis

The cryptocurrency market is navigating a period of heightened sensitivity to regulatory developments, with recent price action in Bitcoin (BTC) and Ethereum (ETH) reflecting a cautious stance among traders. This uncertainty has been amplified by new comments from a key U.S. lawmaker. According to reporting from Eleanor Terrett, U.S. Senator Cynthia Lummis now anticipates that a comprehensive federal framework for digital assets may not be finalized until the end of the calendar year. This revised timeline suggests potential delays and ongoing political negotiations, creating a complex backdrop for market participants. In the last 24 hours, the market has shown signs of this indecision. While Bitcoin experienced a minor pullback, Ethereum and other altcoins have faced more significant downward pressure, highlighting a potential risk-off sentiment as the path to regulatory clarity remains protracted.



Regulatory Timelines and Crypto Market Impact


The legislative process in Washington is proving to be a critical, yet unpredictable, market driver. Senator Lummis, a prominent Republican voice for crypto, expressed her view that a realistic timeline for passing key legislation is now “before the end of this calendar year.” This statement, made at a Bitcoin Policy Institute event, tempers expectations for a swifter resolution. The journey involves navigating both a stablecoin bill, which recently saw bipartisan success in the Senate, and a more comprehensive market structure bill. However, as Eleanor Terrett’s report highlights, Lummis acknowledged the challenges in maintaining bipartisan support, describing the recent effort as a “tooth-pulling exercise.” This legislative friction contributes directly to market volatility. Institutional investors, in particular, often wait for clear regulatory guardrails before making significant allocations. A prolonged timeline could therefore suppress capital inflows and keep major assets like BTC and ETH in a consolidatory phase, punctuated by sharp movements on any legislative news.



BTC and ETH Price Analysis in a Cautious Market


Examining the trading data reveals a market grappling with this overhead resistance. The BTCUSDT pair, despite its high nominal price, has been trading in a relatively tight range. Over the past 24 hours, Bitcoin moved between a high of $110,493.51 and a low of $108,532.30, settling with a minor 0.12% loss. The low trading volume of just 5.24 BTC suggests a lack of strong conviction from either bulls or bears. This price action indicates that the $108,500 level is acting as immediate support, while the $110,500 mark serves as short-term resistance. A breakout with significant volume would be needed to signal the next directional move.


In contrast, Ethereum has displayed more pronounced weakness. The ETHUSDT pair fell 0.685%, dropping from a 24-hour high of $2,633.47 to a low of $2,530.84. This underperformance is even more evident in the ETHBTC trading pair, which plunged 2.47% to a low of 0.02323. This indicates that, for now, capital is either favoring Bitcoin's relative stability or exiting more speculative altcoin positions, with Ethereum often acting as a proxy for the broader altcoin market. For traders, the key level to watch for ETH is the $2,530 support zone. A sustained break below this could open the door for a retest of lower price ranges, while reclaiming the $2,600 level would be the first sign of renewed strength.



Altcoin Rotations and Trading Opportunities


While Ethereum struggles, pockets of strength are emerging elsewhere in the altcoin market, suggesting strategic capital rotation. The SOLETH pair, for instance, has rallied an impressive 2.595% over the past 24 hours, hitting a high of 0.06800. Similarly, the ADAETH pair climbed 1.838%. This divergence suggests that traders are not abandoning altcoins entirely but are instead reallocating funds into specific ecosystems or narratives that may be perceived as having stronger short-term catalysts or being less correlated with the regulatory overhang affecting U.S.-centric projects. This dynamic presents opportunities for pair traders. Monitoring the relative strength of major altcoins against Ethereum can provide valuable signals. A weakening ETHBTC ratio combined with strengthening ratios like SOLETH or ADAETH could indicate a durable trend of capital flowing from the Ethereum ecosystem into competing Layer-1 networks. As the legislative debate in the U.S. continues, these intra-market rotations are likely to persist, offering tactical opportunities for discerning traders who can identify relative strength and weakness across different digital assets.

Eleanor Terrett

@EleanorTerrett

British-born Fox Business journalist and producer, JMU graduate breaking news with a global perspective.

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