Crypto market analysts say increasing altcoin performance and volumes on Binance, a rising altseason index and a strengthening TOTAL2 macro structure are early signs that the market could enter an altseason in 2026.

Key takeaways:

• Altcoin recovery signals emerge, hinting at a potential altseason in 2026.
• Rising altcoin trading volume on centralized exchanges and AltSeason Index point to possible capital rotation from Bitcoin.
• Altcoin market cap chart shows improving technicals.

Altcoin market shows early signs of recovery

Crypto analyst Darkfost said that macroeconomic uncertainties surrounding the ongoing US and Israel-Iran war saw the altcoin sector correct by more than 50%.

However, the sector appears to be quietly “awakening” as the percentage of altcoins on Binance trading above their 200-day moving average (MA) increased to 21%, levels last seen in September 2025, suggesting that “investor interest in altcoins appears to be gradually returning,” Darkfost said in a Quicktake note on Wednesday, adding:

“This represents a crucial indicator for those looking to gain exposure.”

Performance of altcoins on Binance. Source: CryptoQuant

Darkfost cautioned that it’s still too early to call for an altseason as the metric remains below the levels seen in mid-2025 and Q4 2024, when most altcoins traded between 60-80% above their 200-day MA. 

Meanwhile, fellow analyst CryptoOnchain pointed to rising activity on centralized exchanges (CEX) as another sign of increasing momentum in altcoins. 

According to the analyst, altcoin trading volume, excluding the five largest cryptocurrencies, has increased steadily over the past few weeks. The chart below shows the appearance of an Altcoin Volume Increasing Trend (yellow bars), which occurred when the 30-day MA for altcoin trading volume crossed above its 365-day MA.

Historically, when this metric flashes yellow, “it signals a clear rotation of capital from major caps into mid and low-cap altcoins,” the analyst said, adding:

“If this momentum is sustained, it could serve as a strong confirmation that a broader altcoin rally is underway.” 

CEX volume ratio vs. Top 5 crypto. Source: CryptoQuant

Altcoin  season “approaching”

The 90-day AltSeason Index also climbed to 28.6, its highest level in months. The index tracks whether a majority of altcoins outperform Bitcoin over the last 90 days. 

“The altseason is starting quietly,” CryptoQuant analyst CW8900 said in a recent Quicktake note, referring to the “rapid rise” in the index over the last few weeks, adding:

“The real AltSeason is approaching.”

Altcoin season index. Source: CryptoQuant

Although the index has been recovering, its value of 28.6 means only 28.6% of the top 50 cryptocurrencies by market capitalization have outperformed Bitcoin over the last 90 days. This falls short of the 75% “altseason” threshold, according to Blockchaincenter.

These include ZCash (ZEC), Bittensor (TAO) and Morphor (MORPHOR), which are up 98%, 72% and 68% over the last three months, compared to Bitcoin’s (BTC) 17% gains. 

Top 50 Performance over the 90 days. Source: Blockchaincenter

CW8900 added:

“The indicator also shows that there was no real AltSeason in this cycle. The period when the AltSeason Index reached its highest point was early 2024, and even that value was relatively low compared to previous AltSeasons.”

Altcoins show signs of bottoming out

Data from TradingView showed TOTAL2 — the cumulative market capitalization of all cryptocurrencies except Bitcoin — bouncing off the lower trend line of a multi-year broadening wedge that has defined its price action since mid-2022. 

In a Wednesday post on X, analyst cryptocupra said TOTAL2’s breakout could mirror the 2021 breakout and rise as high as $8 trillion, adding that “altseason is inevitable.”

Altcoins market cap, TOTAL3. Source: X/1000xgirl

Nebraskangooner’s chart showed TOTAL2 breaking above the upper boundary of an ascending triangle on the daily time frame.

TOTAL2 is “breaking out from this bottoming pattern, the analyst said in a recent X post, adding:

“Altcoin market primed for more upside as long as this breakout holds.”

TOTAL2 daily chart. Source: X/Nebraskangooner

Fellow crypto analyst GorkemCrypto also shared a bullish argument with a 2021 fractal that projects Bitcoin dominance falling to 40% as capital rotates into altcoins.

Bitcoin dominance. Source: X/GorkemCrypto

However, as Cointelegraph reported, the Bitcoin Dominance Index has climbed to its highest level since November 2025. BTC dominance has been climbing since 2023, suggesting that the current trend still favors BTC over altcoins.

JPMorgan Chase increased its reported holdings in several Bitcoin exchange-traded funds (ETFs) in the first quarter, led by a 174% jump in its position in BlackRock’s iShares Bitcoin Trust (IBIT), according to a 13F filing published Wednesday.

The bank increased its position in IBIT from around 3 million shares in Q4 2025 to 8.3 million shares, according to the filing.

The increase added about $162 million in reported value, based on filing data, despite Bitcoin price falling by more than 22% in Q1, according to CoinGlass data.

The filing also showed broader activity across crypto-linked assets, including new and expanded positions in funds tied to Ethereum and Solana, alongside rotation in equities tied to miners and companies with digital asset exposure.

The filing points to selective growth in JPMorgan’s reportable crypto-linked holdings during a weak quarter for digital assets, when Bitcoin prices fell and US spot Bitcoin ETFs recorded net outflows.

Bitcoin ETF bets expand sharply beyond BlackRock position

Beyond its increased stake in BlackRock’s iShares Bitcoin Trust, JPMorgan also expanded exposure across several other spot Bitcoin ETFs, including the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Bitwise Bitcoin ETF (BITB).

Holdings in BITB surged nearly 900%, rising from 4,872 shares to 48,258 shares, adding roughly $1.51 million in reported value. The bank’s FBTC position increased about 450%, from 3,996 shares to 22,196 shares, worth about $980,000 in added value.

Related: Jane Street slashes Bitcoin ETF holdings, adds Ether funds in Q1 2026

Additionally, JPMorgan significantly increased exposure to the ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures rather than holding spot BTC directly. The bank’s BITO holdings surged from just 40 shares to 1,302 shares, a gain of more than 3,000%.

Mixed altcoin ETF activity across Ethereum, Solana and XRP

JPMorgan also showed uneven activity across altcoin-linked ETFs in the first quarter, with new positions added in some funds while others were fully exited.

The bank initiated a position in the Bitwise Solana Staking ETF (BSOL), buying 47,460 shares worth about $523,000, marking its first reported exposure to a Solana-focused ETF product.

Source: The Bitcoin Historian

At the same time, JPMorgan increased its exposure to Ethereum-linked ETFs, including a 36% rise in the iShares Ethereum Trust (ETHA) to 266,734 shares, alongside a sharp increase in the Bitwise Ethereum ETF (ETHW).

Related: Wells Fargo boosts Ether ETF exposure in Q1 2026, rotates BTC holdings

On the other hand, the filing showed a full exit from XRP-linked exposure, with the bank reducing its Bitwise XRP ETF (XRP) position from 3,870 shares to zero.

In line with the bullish BTC ETF buying, JPMorgan also slightly increased its position in Strategy, the world’s largest public Bitcoin holder.

The bank’s crypto-linked equity positions were otherwise mixed, with reductions in Robinhood Markets as well as Coinbase, Galaxy Digital and Bitdeer Technologies Group. At the same time, JPMorgan added to positions in Block, MARA Holdings, Core Scientific and PayPal.

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A group of 20 victims from five countries or jurisdictions has filed a $525 million lawsuit against Fenwick & West LLP, one of Silicon Valley’s top tech law firms, accusing it of helping conceal the FTX fraud.

The complaint, filed Wednesday in the US District Court for the District of Columbia, names the firm alongside six individual defendants. The plaintiffs say they lost their life savings when FTX collapsed, claiming that Fenwick’s involvement gave the exchange a false air of legitimacy that kept them from pulling their money out.

At the center of the case is testimony from Nishad Singh, FTX’s former director of engineering, who pleaded guilty to fraud charges and testified at Sam Bankman-Fried’s criminal trial. Singh said he personally told Fenwick attorneys that customer funds were being misused, and instead of walking away, the firm advised on how to hide it.

The complaint goes further. It says Fenwick attorneys set up North Dimension Inc., a Delaware shell company that posed as an electronics retailer but funneled over $3 billion in stolen customer funds. The firm also allegedly implemented FTX’s Signal auto-delete messaging policy, the same system federal prosecutors said helped the fraud go undetected by regulators and investigators.

Related: FTX estate misses out on $3B Cursor stake value after $200K sale in 2023

Examiner found Fenwick “intertwined” in FTX’s wrongdoing

A court-appointed bankruptcy examiner, whose report came out in 2024 after reviewing more than 200,000 documents, found that Fenwick created the corporate structures for both FTX and Alameda Research, formed shell entities to obscure money movements, and drafted backdated agreements to cover illicit transfers, the complaint states. The examiner concluded the firm was “deeply intertwined in nearly every aspect of FTX Group’s wrongdoing,” the lawsuit reads.

“These findings are those of a court-appointed officer based on documentary evidence in federal bankruptcy proceedings to which Fenwick was a party,” the lawsuit added.

FTX victims file lawsuit against Fenwick. Source: CourtListener

After FTX filed for bankruptcy in November 2022, Fenwick scrubbed all mentions of the exchange from its website. The firm also quietly hired top-tier law firm defense lawyers at Gibson Dunn before any civil lawsuit was filed against it, per the lawsuit.

The plaintiffs are bringing seven claims against Fenwick, including malpractice, fraud and gross negligence. They are seeking compensatory damages exceeding $525 million, return of all legal fees Fenwick earned from FTX and punitive damages against partners Tyler Newby and Daniel Friedberg for “deliberate and reckless individual professional conduct.”

Related: Sam Bankman-Fried withdraws motion for a new trial, still asks for new judge

Judge denies SBF’s bid for new trial

Last month, a federal judge denied Bankman-Fried’s bid for a new trial, calling his claims of new evidence baseless. Judge Lewis Kaplan, who sentenced the former FTX CEO to 25 years in prison in 2024, said Bankman-Fried’s argument that three former FTX executives could counter the government’s case was without merit, noting that he knew all three witnesses well before the trial.

Bankman-Fried had argued that Ryan Salame and Daniel Chapsky could challenge the government’s claims about FTX’s insolvency, and that Nishad Singh changed his testimony under pressure from prosecutors. Kaplan dismissed those claims as “wildly conspiratorial and entirely contradicted by the record.”

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Bitcoin (BTC) bulls made another attempt to reclaim the $80,000 level on Thursday, as traders expect price swings before and after the CLARITY Act vote.

Key takeaways:

• Odds of the CLARITY Act being signed into law in 2026 rose to 67% in May.
• BTC price must hold $78,000-$79,000 as support for a bullish push to $84,000 or higher.

A 67% chance the CLARITY Act is signed into law in 2026

The CLARITY Act, a proposed US bill that would set clearer rules for how regulators oversee the crypto market and stablecoins, is scheduled for a Senate Banking Committee markup vote on Thursday.

Source: Cointelegraph

Prediction market traders say that there is a 67% chance that the CLARITY Act will be signed into law in 2026, according to Polymarket.

Odds of the CLARITY Act being signed into law in 2026. Source: Polymarket

Traders on rival site Kalshi price-in the odds of the Act becoming law before August and Dec. 31, 2026, at 62% and 67%, respectively.

If the CLARITY Act passes, it could clearly classify Bitcoin as a digital commodity under the Commodity Futures Trading Commission (CFTC) oversight, reducing legal uncertainty for the industry and further legitimizing crypto in the US. 

Related: Bitcoin to $100K in Q2? Strategy’s STRC unlocks potential to buy 3K BTC in two days

Bitcoin is expected to react positively, similar to the GENIUS Act signed in July 2025, which provided the first major US stablecoin framework. Bitcoin was already trading near all-time highs and climbed further amid regulatory optimism.

MN Capital founder Michaël van de Poppe was bullish, saying:

“Big day today with the CLARITY Act vote. Might be a historical day for everyone involved in Crypto and could, very well, signal the start of a stronger cycle.”

Analyst Sharky predicts a muted immediate pump, with the real strong move coming “90 days later, when institutional money finally has legal clarity.”

Not all analysts were optimistic about the event, however, with trading resource Material Indicators saying the passing of the CLARITY Act is “somewhat baked-in to $BTC price,” adding:

“Passing it will likely deliver a knee-jerk reaction from the market that pumps price briefly, but like all narratives, that rally will fade.”

As Cointelegraph reported, some traders expect a quick move in Bitcoin price toward $90,000 following the CLARITY Act vote, supported by improving market conditions and easing selling pressure.

Analysts highlight key BTC price levels to watch

Bitcoin may have delivered an impressive bounce to $82,000 last week, but the bullish sentiment was dampened by resistance from the 200-day moving averages around this level.

The support at $78,000 remains key for bulls, representing the short-term holder realized price and the true market mean.

This coincides with the 21-week exponential moving average (green line), as highlighted by analyst Rekt Capital in the chart below, saying:

“Downside wicking below it would be fine as long as price ends the week with a weekly candle close above the EMA to confirm it as retested support.”

BTC/USD weekly chart. Source: X/Rekt Capital

Bitcoin’s realized price by age cohorts reveals another major level of support sitting further down: the cost basis of the 1-week-to-1-month investor cohort at $76,900.

“The momentum of the ongoing rally has been driven largely by a wave of accumulation over the past 30 days,” Glassnode said in its latest Week Onchain newsletter, adding:

“This cohort’s cost basis now sits at approximately $76.9K, forming the most immediate support floor in the short term.”

Bitcoin realized price by age. Source: Glassnode

On the upside, the cost basis of investors who accumulated BTC during the November 2025-February consolidation period at $86,900 represents the “most probable near-term resistance zone as these holders approach breakeven and face a growing incentive to distribute into strength,” the onchain data provider added. 

Crypto trader and analyst Daan Crypto Trades said a break above $82,000 will see BTC rise to fill the CME gap at $84,000, eventually “continuing quite a lot higher” from that point.

BTC/USD daily chart. Source: X/Daan Crypto Trades

As Cointelegraph reported, key support levels for the bulls were the 20-day EMA at $79,000 and the 50-day SMA at $74,000, while bears were expected to defend $84,000.

The T3 Financial Crime Unit, a joint initiative backed by Tether, Tron and blockchain analytics company TRM Labs, says it has helped freeze more than $450 million in assets linked to suspected criminal activity since its launch in 2024.

The group said in a Thursday release shared with Cointelegraph that it has worked with law enforcement agencies across 23 jurisdictions to target funds tied to alleged drug trafficking, exchange hacks, North Korea-linked activity, terrorist financing and violent “wrench” attacks, including kidnappings and extortion.

The unit focuses on Tether’s USDT stablecoin activity on the Tron blockchain and says it has been able to freeze assets within 24 hours in multiple emergency cases at the request of authorities. T3 FCU said it intercepted 43.9% more illicit proceeds in 2025 than in the previous year.

The announcement comes as TRM Labs estimates that overall illicit crypto flows reached a record $158 billion in 2025, according to the release, highlighting the growing pressure on stablecoin issuers and blockchain networks to strengthen compliance and cooperate more closely with law enforcement.

The T3 Financial Crime Unit (T3 FCU). Source: Tether

The group was cited earlier this year by the Financial Action Task Force as an “invaluable resource” for law enforcement and highlighted in FATF reporting on public-private partnership models.

Related: Europe sees ‘hyperconcentration’ of crypto wrench attacks as losses hit $101M

T3 figures follow broader USDT freeze activity

The new figures also follow separate onchain data from security firm BlockSec on Friday, showing that more than $500 million in USDT had been frozen over a recent 30-day period.

Cointelegraph reached out to Tether to ask how the $450 million in assets linked to T3 FCU’s work intersect with Tether’s broader blacklisting and freezing activity across chains, and how much of the total relates specifically to Tron-based USDT, but had not received a response by publication.

The company was also asked how it balances an expanding compliance and asset-freezing toolkit with criticism from parts of the crypto industry that such powers increase centralization risk and may undermine the permissionless nature of stablecoin transfers on networks like Tron.

Tron, which positions itself as a low-cost settlement layer for stablecoins, told Cointelegraph it is an “agnostic technology provider” that cannot directly monitor every user or block every transaction, and that the means to identify and stop illicit activity sit with partners such as Tether, TRM Labs and law enforcement.

Asia Express: North Korea denies crypto hacks, Upbit’s bank tests Ripple

US spot Bitcoin exchange-traded funds (ETFs) posted their largest daily outflow since January as Bitcoin struggled to hold the $80,000 level after a sharp rebound from April lows.

Bitcoin (BTC) funds recorded $635.2 million in outflows on Wednesday, extending $233.3 million in outflows from the previous trading session, according to SoSoValue data.

So far, weekly outflows stand at $841.2 million, putting ETFs on track for their first week of net losses after six consecutive weeks of gains totaling around $3.4 billion.

Weekly spot Bitcoin ETF flows since March 27 (May 13 week incomplete). Source: SoSoValue

The volatility comes as Bitcoin continues to swing around $80,000, repeatedly slipping below and reclaiming the level, with analysts pointing to profit-taking pressure following a 37% rally from April lows.

The biggest daily outflow since late January

The fresh outflows mark the largest daily Bitcoin ETF withdrawal since Jan. 29, when the funds posted about $818 million in losses in a single day.

BlackRock’s iShares Bitcoin Trust (IBIT) led losses with roughly $285 million in outflows, according to Farside data. The ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $177 million and $133.2 million, respectively.

Morgan Stanley’s Bitcoin Trust ETF (MSBT) posted no outflows on Wednesday and recorded about $6 million in inflows on Tuesday. The fund has not seen any outflows since its April 8 launch and has accumulated roughly $256 million to date.

Altcoin funds: Ether joins the selling, Solana and HYPE lead inflows

The negative trend has continued in Ether (ETH) ETFs, which saw $36.3 million of outflows on Wednesday, bringing weekly outflows to roughly $184 million so far.

Solana (SOL)-linked funds led the positive trend with around $6 million in inflows, putting week-to-date gains at $51.6 million. Hyperliquid (HYPE)-linked funds saw inflows of $1.36 million on their debut on Tuesday, bringing cumulative net inflows to $2.52 million.

Related: JPMorgan lifts Bitcoin ETF exposure in Q1, led by BlackRock’s IBIT

Bitcoin’s volatility came as it tested the 200-day moving average near $82,400 after a 37% rally from April lows, a level that has historically acted as resistance in prior bear-market rebounds, CryptoQuant said in a note shared with Cointelegraph.

Source: CryptoQuant

The analysts pointed to rising profit-taking, elevated unrealized gains and weakening US spot demand as signs that momentum may be fading. On-chain data suggests potential support near $70,000 if a deeper correction develops, CryptoQuant said.

“This level has historically acted as a key resistance-turned-support band during bear markets, as it represents the average cost basis of short-term traders and the level at which unrealized profit margins compress back toward zero, reducing the incentive for further selling,” the report said.

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles

US lawmakers on the Senate Banking Committee advanced the Digital Asset Market Clarity Act (CLARITY) in a markup session, marking a significant step in Congress’ bid to establish regulatory clarity for digital asset companies and markets. The vote underscored a consequential, though tightly contested, path toward settling how the United States governs crypto markets, exchanges, and associated services.

In the Thursday session, all 13 Republican members and two Democrats voted to move CLARITY forward, while nine Democrats opposed the bill. Senators Ruben Gallego and Angela Alsobrooks joined the Republican bloc in voting yes. The markup followed a flurry of proposed amendments aimed at reshaping various facets of crypto regulation, including stablecoin yields and ethics restrictions. According to Cointelegraph, lawmakers proposed more than 100 amendments to the crypto bill ahead of the markup.

During opening remarks, committee chair Tim Scott framed the measure as a balance between consumer protection, US innovation, and national security in the digital asset space. In contrast, ranking member Elizabeth Warren argued the bill would be “written by the crypto industry for the crypto industry,” suggesting it would facilitate a political-friendly path for the administration’s crypto agenda. “Nothing made it into this bill that wasn’t approved by the crypto industry,” Warren contended.

“This is a pro-law-enforcement, pro-consumer framework,” said Senator Cynthia Lummis, a leading Republican advocate for CLARITY, countering several Democratic criticisms.

Senator Jack Reed, a Democrat, characterized the process as lacking bipartisan parity, noting that Scott had repeatedly curtailed consideration of Democratic amendments. The exchange highlighted deep partisan fault lines surrounding the bill’s scope and its approach to enforcement, consumer protections, and industry oversight.

As CLARITY moved through the process, discussions touched on several high-profile amendments, including proposals to establish AI sandboxes, address tokenization loopholes, and strengthen anti-money-laundering provisions. Notably, lawmakers debated regulatory approaches to crypto mixers and the tracing of illicit flows, with supporters arguing that the bill would clarify enforcement authority, while critics warned of gaps that could hamper consumer protection and market integrity.

In a separate debate, Democrats floated provisions to expand law-enforcement capabilities in crypto cases, while Republicans defended the bill’s balance between oversight and innovation. Several amendments related to stablecoins, digital dollars, and the role of banking regulators were introduced and voted on along partisan lines, with many failing to advance.

Additionally, the committee weighed concerns about ethics and potential conflicts of interest within the executive and legislative branches. Democratic Senator Chris Van Hollen pressed for an amendment addressing potential conflicts tied to the Trump administration and related crypto ventures, but the measure did not pass. Republican supporters argued that the governance framework should not be distorted by extraneous political entanglements.

Key takeaways

• CLARITY advanced from the Senate Banking Committee with a partisan vote: all Republicans and two Democrats in favor, nine Democrats opposed.
• Senators Ruben Gallego and Angela Alsobrooks joined Republicans in voting yes; chair Tim Scott framed the bill as a consumer-protective measure that preserves US innovation and national security.
• Dozens of amendments were proposed, reflecting a broad debate over stablecoins, AML/CFT controls, AI use in markets, and ethics considerations; several amendments were debated and either adopted or rejected along party lines.
• Progress now hinges on a Senate floor vote (requiring 60 votes) and subsequent House approval of the amended language before any presidential signature.
• The regulatory architecture remains a focal point, with ongoing implications for the SEC, CFTC, and broader licensing, AML/KYC, and banking-backbone requirements for crypto firms and related financial institutions.

Regulatory context and implications for markets

The CLARITY debate sits at the intersection of multiple regulatory streams seeking to harmonize oversight for a rapidly evolving sector. Supporters frame the bill as a needed framework to reduce uncertainty for digital asset issuers, exchanges, and custodians while strengthening protections for investors and consumers. Critics, however, warn that the bill could entrench industry-friendly provisions and delay comprehensive, codified standards from the SEC and CFTC, potentially creating regulatory arbitrage across jurisdictions.

The measure contemplates cross-agency alignment, with consideration of SEC and CFTC roles, and signals ongoing congressional interest in clarifying which activities trigger securities, commodities, or other regulatory regimes. Observers note that the outcome could influence licensing pathways, anti-money-laundering controls, customer due diligence, and the integration of crypto services with traditional banking rails, including stablecoin settlements and on/off-ramp facilities.

Industry participants have stressed the practical significance of a clear statutory framework. Kristin Smith, president of the Solana Policy Institute, told Cointelegraph prior to the markup that floor passage would depend on sufficient Senate support and eventual alignment with the House’s stance on identical language. The comments underscore the central question: will CLARITY provide a lasting, enforceable baseline that reduces legal ambiguity for market participants, or will it remain a negotiating platform for a broader regulatory settlement?

Ethics, oversight, and the path forward

Ethics and governance remained a recurring theme for Democratic lawmakers, who raised concerns about potential conflicts of interest and the influence of political actors on crypto policy. While some amendments targeted enforcement powers or supervisory discretion, others probed whether the administration’s broader crypto strategy would withstand legislative scrutiny. Republicans countered that robust oversight and clear standards would strengthen governance without stifling innovation.

Experts emphasize that the bill’s ultimate impact will depend on the text that emerges from the committee and the compatibility of House and Senate versions. If a floor vote in the Senate yields passage, the amended legislation would advance to the House for approval, where political dynamics and alignment with the White House would shape the likelihood of enactment. Until then, the regulatory timetable remains fluid, with ongoing debates likely to influence subsequent drafting and enforcement priorities.

As the process unfolds, industry and policy observers will monitor how CLARITY interacts with broader regulatory efforts, including MiCA in the European Union and evolving US AML/KYC standards, as well as the cross-border implications for stablecoins, banking integration, and enforcement actions by the DOJ and other agencies.

Closing perspective

With the markup marking a milestone in congressional consideration, CLARITY’s trajectory will depend on continued bipartisan buy-in and the ability to reconcile divergent views on enforcement, ethics, and consumer protections. The next steps—floor debates in the Senate, House harmonization, and potential presidential engagement—will determine whether the United States achieves a durable regulatory framework for the digital asset economy or enters another round of regulatory negotiation.