Key crypto market dynamics this week, a decisive week
Legislatively, the U.S. Congress's 'Crypto Week' has entered a critical phase,
'Crypto Week' mainly involves a series of cryptocurrency bills promoted jointly by the U.S. House Financial Services Committee and the Agriculture Committee,
with the following three core bills:
- Stablecoin Bill: Discussing how to issue licenses for stablecoin issuers (such as USDC, USDT issuers).
The current draft tends to adopt a state government licensing model, recognized at the federal level, which is favorable for existing large stablecoins.
- Digital Dollar Ban: Aims to prohibit the Federal Reserve (the U.S. central bank) from directly issuing official digital currency (CBDC) to the public.
- Market Structure Bill: Aims to provide clearer rules for the entire crypto market.
Resistance mainly comes from the Democratic Party, while the Republican Party hopes to expedite these bills.
The situation regarding ETFs is relatively favorable, as the SEC has been paving the way for spot ETFs.
The U.S. Securities and Exchange Commission (SEC) released a 12-page guideline last week, widely seen as preparing for the approval of spot crypto ETFs (especially the Solana ETF).
Moreover, all applicants for Solana spot ETFs were required to update their application documents by July 31, indicating that the approval decision would come earlier than the originally planned October 10.
Two scenarios:
Assuming that regulators and legislators emphasize the need for transparent custody and auditing of assets in hearings this week, while downplaying concerns about market manipulation, then the prices of $SOL and other high-risk altcoins may rise in advance.
However, if there are any negative comments regarding whether the earnings generated from token staking count as dividends, it could lead to a rapid decline in market prices.
Additionally, there is a large unlock, which needs to be emphasized again:
July 15 (Tuesday):
Starknet ($STRK ): Unlocking 127 million tokens, worth approximately $180 million.
July 18 (Friday):
$TRUMP: Unlocking 90 million tokens
Arbitrum ($ARB ): Unlocking 775 million tokens.