【What is the market trading?】 With the Senate nearing its recess period, the U.S. Senate has postponed a vote on the crypto regulatory CLARITY Act from the near term to September. The bill previously cleared committee review in May. After the delay, the risk of implementation within 2026 is clearly elevated. 【What is truly worth watching】 In the short term, the crypto market will still rely on the current regulatory guidance from the SEC and CFTC as its core rule framework. Disputes over ethical provisions related to the bill, and changes in the level of support from Democrats, remain the key variables affecting the path forward. Volatility in regulated-asset expectations such as BTC and ETH may continue to rise in response to related news. 【Monitor over the next 48 hours】 Signals released by the Senate leadership regarding the September vote schedule, and whether the SEC and CFTC have new updates to their regulatory guidance, will be the main sources of disturbance to short-term market sentiment.#BTC #ETH