Sartaj Shahidzai

U.S. House to Review Cryptocurrency Market Structure Bill in June
By SARTAJ SHAHIDZAI
Washington, D.C. — May 2025

In a pivotal step for the regulation of digital assets, the U.S. House of Representatives is set to review a landmark cryptocurrency market structure bill this June. The bipartisan legislation aims to establish a comprehensive regulatory framework for the burgeoning crypto industry, offering long-awaited clarity on the roles of federal agencies and the legal classification of digital assets.
A Move Toward Regulatory Certainty
The bill, known as the Financial Innovation and Technology for the 21st Century Act (FIT21), seeks to delineate the oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Under the proposed framework, most cryptocurrencies would be treated as commodities under the purview of the CFTC, while digital assets that behave like securities would remain under the SEC’s authority.
House Financial Services Committee Chair Patrick McHenry (R-NC), one of the bill’s key sponsors, emphasized the importance of the legislation for innovation and investor protection. “We’re creating a clear rulebook that empowers entrepreneurs while safeguarding consumers,” McHenry stated. “This bill is not just about oversight—it's about securing America’s leadership in financial technology.”
Industry and Investor Impact
Crypto industry leaders have long called for clearer guidelines to reduce legal ambiguity and encourage institutional adoption. The bill outlines registration processes for digital asset exchanges and custodians, mandates proof of reserves, and introduces compliance obligations aimed at enhancing market transparency.
Supporters argue that a robust regulatory regime will attract capital, reduce fraud, and help integrate digital assets into the broader financial system. “Regulatory clarity is a prerequisite for innovation,” said Sheila Warren, CEO of the Crypto Council for Innovation. “This bill is a critical step toward unlocking the full potential of blockchain technology in the U.S.”
However, not everyone is on board. Critics warn that the bill could undermine investor protections by shifting power away from the SEC, an agency traditionally known for stricter enforcement. Some Democratic lawmakers and consumer advocacy groups are urging revisions to strengthen safeguards and prevent potential regulatory arbitrage.
Political and Global Implications
The House review comes amid increasing international competition in crypto regulation. The European Union has already implemented its Markets in Crypto-Assets (MiCA) regulation, and jurisdictions such as the United Kingdom, Singapore, and the United Arab Emirates are aggressively positioning themselves as crypto-friendly hubs.
“Without clear, forward-looking laws, we risk ceding leadership in this space to other nations,” warned Rep. French Hill (R-AR), chair of the Subcommittee on Digital Assets. The FIT21 Act, if passed by the House, would then

U.S. Stock Market Experiences Continued Decline Amid Economic Jitters
The U.S. stock market faced another turbulent day as major indices extended their losing streak, fueling concerns among investors about the state of the economy and the resilience of corporate earnings. The Dow Jones Industrial Average slid by over 250 points, while the S&P 500 and Nasdaq both registered declines exceeding 1%, marking their third consecutive day in the red.

Economic Uncertainty Grips Wall Street
At the heart of the selloff is a cocktail of economic worries: persistent inflation, rising bond yields, and increasing speculation that the Federal Reserve may delay expected interest rate cuts. The April Consumer Price Index showed inflation easing slightly, but not enough to convince policymakers or the market that the battle against high prices is over.
Investors are also digesting conflicting signals from the labor market, which remains strong but has shown signs of cooling. Fewer job openings and slower wage growth have prompted fears of a potential soft patch in consumer spending — a key pillar of the U.S. economy.
Tech Stocks Take the Brunt
Technology shares, which had been among the market's strongest performers earlier this year, bore the brunt of the downturn. Heavyweights like Apple, Microsoft, and Nvidia saw notable declines as investors rotated out of high-growth stocks in favor of more defensive sectors like utilities and consumer staples.
“Valuations are being tested,” said Jenna Alvarez, a senior analyst at Whitestone Investments. “We’re seeing a classic shift from risk-on to risk-off behavior as uncertainty builds around both monetary policy and future earnings.”
Fed in Focus
With the next Federal Reserve meeting just weeks away, all eyes are on whether the central bank will hint at a change in course. Earlier hopes for a rate cut by summer are beginning to fade, with some analysts now projecting a longer hold or even the possibility of further tightening if inflation remains sticky.
“Until we get a clearer signal from the Fed, volatility is going to be the name of the game,” said Edward Miller, chief strategist at Millbank Capital.
Looking Ahead
While some market watchers believe this downturn is a healthy correction after months of gains, others warn it could be the start of a deeper retracement. The coming weeks — filled with earnings reports, economic data, and Fed commentary — will likely determine the direction of markets heading into summer.
Investors are advised to remain cautious, diversify holdings, and avoid overreacting to short-term moves. As the landscape continues to shift, one thing remains clear: the market is searching for direction in a sea of uncertainty.

By Sartaj Shahidzai
$BTC $ETH
#Bitcoin❗ #Ethereum #Binance
In a dramatic twist that has analysts buzzing and traders raising eyebrows, the supply of Bitcoin (BTC) and Ethereum (ETH) sitting on centralized exchanges has plummeted to historic lows. This isn't just a footnote in the market—it’s a flashing neon sign that something big may be coming.

Why Does This Matter?
Exchange balances are a key metric. When large amounts of BTC or ETH are held on exchanges, it typically signals traders are ready to sell or move quickly. But when those funds are pulled off exchanges—often into cold storage or DeFi protocols—it implies strong conviction and HODL mentality.
Right now, exchange supply levels are lower than we've seen in years. For Bitcoin, we’re talking pre-2020 levels. For Ethereum, the drop is even more aggressive, coinciding with rising staking activity and long-term investor behavior.
What’s Driving the Exodus?
Staking & DeFi Boom: Ethereum's shift to proof-of-stake has encouraged more users to lock up their ETH for staking rewards, reducing liquid supply. At the same time, DeFi platforms are absorbing ETH for lending, yield farming, and liquidity provision.
Institutional Cold Feet—or Cold Storage?: Institutions and whales are increasingly opting for secure, offline storage over exchange wallets. That’s a classic sign of long-term belief in crypto’s value—especially during accumulation phases.

Geopolitical & Economic Uncertainty: With inflation fears, banking instability, and global unrest, BTC is being seen more than ever as “digital gold.” Investors are hoarding, not trading.
Price Impact Incoming?
When demand rises and supply falls… well, we know how that equation usually plays out. If this trend continues, crypto could be setting up for a supply shock—a scenario where demand suddenly outweighs available supply, leading to explosive price action.
But here's the twist: Unlike in past cycles, the crypto market is now more mature, more regulated, and more globally integrated. That could mean more sustainable growth—or more controlled chaos.
Final Thought: Calm Before the Bull?
While the low exchange supply doesn’t guarantee a bull run, it often precedes one. Smart money seems to be preparing. The question is: Are you?