The Senate is holding a series of urgent last-minute meetings to fast-track the cryptocurrency market structure bill before the deadline.
Key focus points:
- Regulatory jurisdiction regarding what falls under the CFTC versus the SEC - Exemptions for developers and validators of DeFi protocols - Provisions related to stablecoins concerning passive income generation
A White House official also mentioned last week that they are aiming to pass the Clarity Act on July 4.$BTC $DOGE
And the last time this occurred, the entire global market crashed.
Today, the Bank of Japan (BOJ) announced a 25 basis point rate hike to 1%, the highest in 31 years.
Since 2024, the BOJ has implemented 5 rate hikes, but this time feels a bit different.
The BOJ's rate hike comes just as USD/JPY breaks above 160.
This is the zone where the BOJ intervenes to push the yen higher.
The rate hike will do a little to achieve this, but significant intervention is still on the horizon.
This is exactly what happened in July 2024.
The BOJ raised rates while USD/JPY hovered around 160.
What happened next was a complete disaster.
- The US stock market lost $5 trillion in just 3 trading days. - The crypto market lost $700 billion. - The Japanese stock market plummeted 20% in 4 days. - Gold and Silver were wiped out by over $1.2 trillion. - VIX spiked to 65, the highest since the Covid crash.
This time, the BOJ hasn't started intervening yet, but that could happen soon.
Combined with the US-Iran peace deal and the hype surrounding $SPCX, the markets seem primed for another big sell-off.
And this time, it could be bigger and last longer.