Senate Banking Committee Chairman Tim Scott reportedly predicts that 12 to 18 Democrats will support comprehensive crypto market structure legislation.

According to Aug. 19 reports, Scott is conducting individual meetings with Democratic members, including those outside the Banking Committee, to build bipartisan backing for the anticipated September bill introduction.

The South Carolina Republican’s outreach efforts follow the House passage of the Digital Asset Market Clarity Act on July 17, which received support from 78 Democrats in a 294-134 vote.

The House legislation establishes jurisdictional boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission while creating registration pathways for qualifying digital asset platforms.

Scott released a discussion draft of the Responsible Financial Innovation Act of 2025 on July 22 alongside Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno.

The Senate proposal builds upon the House CLARITY Act by introducing ancillary asset definitions, modernized disclosure requirements, and banking provisions that allow financial holding companies to offer digital asset services.

Regulatory framework development

The CLARITY Act directs SEC and CFTC coordination through joint registration processes for platforms listing tokens that meet functional decentralization tests and public float requirements.

Qualifying networks fall outside the securities law scope once they achieve sufficient decentralization metrics.

The legislation establishes token disclosure requirements scaling with market capitalization tiers while requiring issuers conducting US sales to submit initial information statements.

Banking supervisors receive instruction to recognize qualified custodians managing both stablecoins and digital assets under unified segregation and audit standards.

The framework creates coordinated custody requirements for platforms operating spot and derivatives trading under shared regulatory oversight between the two primary federal agencies.

The Senate discussion draft expands these provisions through ancillary asset classifications covering digital tokens that avoid securities designation.

Regulation DA would exempt certain ancillary asset sales from registration requirements for annual proceeds under $75 million, capped over four-year periods.

The proposal refined investment contract definitions under federal law while establishing pre- and post-launch transparency requirements for digital asset issuers.

Senator Lummis emphasized the urgency of regulatory clarity to prevent American innovation migration overseas, stating the legislation will establish clear distinctions between digital asset securities and commodities while modernizing regulatory frameworks.

Senator Hagerty noted that outdated laws and regulatory uncertainty have hindered innovation and left consumers without adequate protections.

Lastly, the Banking Committee issued a Request for Information covering more than 35 topics to support rulemaking processes, with public comments informing final legislation development.

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The Lumma infostealer malware operation is gradually resuming activities following a massive law enforcement operation in May, which resulted in the seizure of 2,300 domains and parts of its infrastructure.

Although the Lumma malware-as-a-service (MaaS) platform suffered significant disruption from the law enforcement action, as confirmed by early June reports on infostealer activity, it didn’t shut down.

The operators immediately acknowledged the situation on XSS forums, but claimed that their central server had not been seized (although it had been remotely wiped), and restoration efforts were already underway.

Gradually, the MaaS built up again and regained trust within the cybercrime community, and is now facilitating infostealing operations on multiple platforms again.

According to Trend Micro analysts, Lumma has almost returned to pre-takedown activity levels, with the cybersecurity firm’s telemetry indicating a rapid rebuilding of infrastructure.

“Following the law enforcement action against Lumma Stealer and its associated infrastructure, our team has observed clear signs of a resurgence in Lumma’s operations,” reads the Trend Micro report.

“Network telemetry indicates that Lumma’s infrastructure began ramping up again within weeks of the takedown.”

Trend Micro reports that Lumma still uses legitimate cloud infrastructure to mask malicious traffic, but has now shifted from Cloudflare to alternative providers, most notably the Russian-based Selectel, to avoid takedowns.

The researchers have highlighted four distribution channels that Lumma currently uses to achieve new infections, indicating a full-on return to multifaceted targeting.

1. Fake cracks/keygens: Fake software cracks and keygens are promoted via malvertising and manipulated search results. Victims are directed to deceptive websites that fingerprint their system using Traffic Detection Systems (TDS) before serving the Lumma Downloader.
2. ClickFix: Compromised websites display fake CAPTCHA pages that trick users into running PowerShell commands. These commands load Lumma directly into memory, helping it evade file-based detection mechanisms.
3. GitHub: Attackers are actively creating GitHub repositories with AI-generated content advertising fake game cheats. These repos host Lumma payloads, like “TempSpoofer.exe,” either as executables or in ZIP files.
4. YouTube/Facebook: Current Lumma distribution also involves YouTube videos and Facebook posts promoting cracked software. These links lead to external sites hosting Lumma malware, which sometimes abuses trusted services like sites.google.com to appear credible.

The re-emergence of Lumma as a significant threat demonstrates that law enforcement action, devoid of arrests or at least indictments, is ineffective in stopping these determined threat actors.

MaaS operations, such as Lumma, are incredibly profitable, and the leading operators behind them likely view law enforcement action as routine obstacles they merely have to navigate.

Bitcoin has already shown a lot of strength these days, reaching $123,000 before returning to $117,000. So far, digital assets appear to have reached obstacles, but now they are seeing peaks. But analyst Merlijn The Trader explains that more gatherings are far from far away for Bitcoin. He makes it clear that Bitcoin prices have not yet performed “final acts.”

I’m still playing the 4 year Bitcoin cycle

There were talks that the four-year cycle was broken after Bitcoin prices rose to a new all-time high that never happened before. To be clear, the four-year cycle is tied to a Bitcoin Harving event that takes place every four years, reducing miners’ block rewards in half.

Related readings

However, reducing the rewards of blocks is not the only interesting thing about the four-year cycle. This is because half of each guides us through a new bull market. This is the case of the last three bull cycles, and Bitcoin is expected to follow this. Historically, the market gathered about a year after half, and reached the top a year later. In response to this trend, Bitcoin prices and the overall crypto market are expected to continue their rally before toppings later this year.

Pointing to this four-year cycle, analysts predict another price rise. The chart shows that prices often fall for a year and then rise for the next three years. So far, only two Bitcoin has been rallied around, and 2025 has become another year for the rally.

Moreover, Bitcoin is still a long way from the level that previously marked the top of the bull market. Therefore, it will still be a while before it peaks in 2025. Furthermore, in each Bull Cycle, Bitcoin is three times higher than its previous all-time high, twice as high as the previous $69,000.

How much is BTC?

If the four-year cycle is still playing, it means that the Bitcoin price rally is not complete. On the analyst chart, he shows the potential top of Bitcoin based on past cycles, but BTC is still in the center of the box. The top of this box will bring the BTC price to about $200,000 before reaching the top.

Related readings

Analysts warn that Bitcoin is trying to enter what he calls “the greenest stretch of all of them,” pointing to another rally of all time. If this forecast occurs, Bitcoin is expected to see an additional 50% meeting before the Bull Market is completed.

Featured Images of Dall.E, Charts on tradingView.com

President Donald Trump signed the GENIUS Act into law on July 18, pledging that the measure will secure “global dominance” in crypto technology.

The legislation gives the US its first federal framework for dollar‑backed stablecoins. Trump celebrated the passing of the bill, saying:

“Crypto has gone up more than any stock. Crypto makes the dollar look good. Crypto is good for the dollar, the nation.” 

He added that the GENIUS Act positions the country to lead the sector and vowed to approve broader crypto market structure legislation before the end of the year. 

Senate Banking Committee ranking member Tim Scott called the statute “regulatory clarity for the stablecoin industry” and said faster, cheaper payments would “solidify the US dollar’s dominance across the world.” 

Treasury Secretary Scott Bessent echoed the theme in an X post, thanking House Republicans for “actions that keep the promise” to make America the “crypto capital of the world.”

Stablecoin framework

The GENIUS Act creates a federal framework for issuing and overseeing payment stablecoins.

It assigns the Federal Reserve to license and supervise national-level, insured depository institutions, while permitting eligible, state-chartered firms to mint dollar-pegged tokens if they meet equivalent standards on reserves, disclosures, redemptions, and risk controls.

Issuers must back every token with high-quality liquid assets, such as cash, Treasury bills, or other short-dated government securities, that match their outstanding liabilities and provide regular attestation reports.

The law also directs bank regulators to set examination schedules, guarantees consumers the right to redeem at face value within specific time frames, and requires that reserve assets remain segregated unless customers give explicit consent for rehypothecation.

Last stretch

The House cleared the GENIUS Act 307‑122 on July 17, one day after adopting a 215‑211 motion to reconsider a procedural package that combined the GENIUS Act with the CLARITY Act and the Anti‑CBDC Surveillance Act.

Lawmakers first bundled the three measures on July 16 to expedite floor action, but that resolution did not constitute enrollable text. Committee staff then prepared the GENIUS language as a stand‑alone bill that both chambers could pass in identical form. 

The Senate approved the consolidated version late on July 17, completing the bicameral process required for enrollment and presentation to the White House.

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A new House bill introduced Friday would lock in President Trump’s unprecedented executive order establishing a Strategic Bitcoin Reserve, signaling the GOP’s deepening embrace of digital assets as fiscal and geopolitical leverage tools.

The bill, H.R. 3798, sponsored by Rep. Tim Burchett (R-TN), aims to codify Executive Order 14233, signed by Trump.

The order halted federal Bitcoin auctions and directed agencies to consolidate BTC holdings under Treasury’s management. If enacted, the legislation would ensure the long-term existence of a U.S. Bitcoin reserve and a Digital Asset Stockpile for seized altcoins, shielding the program from future repeal.

“It’s time we treated Bitcoin like the strategic asset it is,” Burchett said in a statement.

From forfeiture to fortress

Over the past decade, the U.S. government has accumulated 198,000 BTC, currently valued at over $21.32 billion, through forfeitures linked to criminal enforcement actions. In the past, much of that Bitcoin was auctioned off, including large sales in 2014–2021 at fractions of today’s prices.

Those early auctions forfeited over $21 billion in upside gains. EO 14233 and now Burchett’s bill aim to stop the bleeding by treating the digital currency as a long-term strategic hedge rather than liquidating it for short-term cash.

“This is our digital Fort Knox,” Treasury Secretary Vivek Ramaswamy said at the March rollout, promising “budget-neutral and innovation-positive” implementation.

Under the bill, no taxpayer dollars would be spent to acquire more Bitcoin. Instead, BTC must come from future enforcement seizures, asset swaps, or market-neutral transfers. Altcoins acquired in similar ways would be held in a separate “Digital Asset Stockpile,” which the Treasury could sell at its discretion.

The legislation mandates inter-agency BTC transfers to Treasury custody and bars any sales without presidential waiver, effectively nationalizing the U.S. government’s Bitcoin position unless reversed by future legislation.

A strategic hedge or digital gamble?

Supporters compare the reserve to a digital gold standard, a decentralized asset immune to inflation, geopolitical manipulation, or central bank defaults. The reserve’s proposed five-year target is 1 million BTC, about 5% of the total supply.

“This is our Louisiana Purchase moment,” said Sen. Cynthia Lummis (R-WY), who plans to introduce a Senate companion bill this week.

But critics argue that Bitcoin’s volatility and cybersecurity risks make it a poor candidate for a national strategic asset. Rep. Brad Sherman (D-CA), a vocal crypto skeptic, called the bill “crypto cosplay that risks taxpayer dollars and global credibility” at an April House Financial Services hearing.

The legislative push comes as the Federal Reserve continues exploring a CBDC, which Trump has vowed to block. “Not on my watch,” the President said at the Bitcoin 2024 conference last year.

That conference also marked the first public unveiling of the reserve concept, a campaign promise that has since morphed into federal policy, and now, possibly law. Presidential Executive Orders are not law unless ratified by Congress.

With Bitcoin reaching an all-time high of $111,900 in May and corporate treasuries increasing BTC allocations, Burchett’s bill taps into growing belief in Bitcoin as a financial backstop.

What Comes Next

H.R. 3798 has been referred to the House Financial Services Committee. Chair Patrick McHenry (R-NC) is expected to schedule a hearing this summer, with Senate action likely to follow.

How Treasury will securely manage BTC custody, whether through cold wallets, multisig arrangements, or third-party custodians, remains an open question.

It is also unclear how reserve holdings might affect broader fiscal or monetary policy, including debt ceiling negotiations or Federal Reserve collateral frameworks.

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Bitcoin has made a dramatic return to six-figure territory and reclaimed its $100k milestone for the first time since January 2025. On 8 May 2025, BTC surged 4.2% from an intraday low of $95,967. As optimism returns to the crypto landscape, Bitcoin’s recent push towards $100k can be credited to bullish macroeconomic signals, including a landmark US-UK trade agreement announced by US President Donald Trump. Importantly, US state Arizona approved a landmark crypto reserve law for state-managed Bitcoin fund.

Arizona officially enacted House Bill 2749 on Thursday, 8 May 2025. While Arizona is now committed to building a Bitcoin reserve, Texas is expected to follow closely.

Man isn’t winning sweet—-so many nay-sayers, just days ago, whining, criticizing like little bitches and days later, we have one clean decision by NH, then reversal from Arizona Gov, next is Texas who hasn’t done anything Big since Big Oil and Gas!

Is Texas coming into the… https://t.co/O4xoPwydAv

— Gary Cardone (@GaryCardone) May 8, 2025

Furthermore, despite pressure for cuts, the Federal Reserve held interest rates steady. This gave a fair boost to Bitcoin, which has been showing strength for weeks now. Although the Fed didn’t cut rates, economists expect a rate drop in June 2025. Meanwhile Trump urged Jerome Powell and the FOMC to lower rates, citing cooling inflation and reduced need for high borrowing costs.

Notably, Bitcoin first breached the $100k mark in December of last year, alongside Trump’s victory. BTC went all the way up to $109k before its trajectory was interrupted by factors including Trump’s tariffs and the global trade war. 

Beyond immediate events, ongoing progress in the US and global crypto regulation and the emergence of strategic Bitcoin reserve initiatives are seen as supportive of long-term growth. Is $110k next for BTC?

“$BTC will NEVER hit $100K again” — some guy in 2022
Meanwhile in 2025:

When do YOU think Bitcoin breaks $100K again?
Drop your guess + reasoning
Let’s see who’s got the alpha#BTC #Crypto #Endless #meme pic.twitter.com/7sTATFaVfK

— Endless (@EndlessProtocol) May 8, 2025

However, while Bitcoin enjoys renewed dominance, the broader altcoin market has struggled to keep pace.

DISCOVER: Top 20 Crypto to Buy in May 2025

Trump’s Trade Deal With UK: Major Catalyst For Bitcoin?

On 8 May 2025, a Reuters report confirmed the US-UK trade deal, where Trump and the British Prime Minister Keir Starmer announced a “breakthrough deal” on trade.

Cutting down the infamous Trump’s tariffs, the trade deal includes a 10% tariff on goods imported from the UK while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to US goods.

“It opens up a tremendous market for us,” Trump said. Meanwhile, commenting on the trade deal Starmer said, “This is a really fantastic, historic day.”

Bitcoin Breaches $100K As US-UK Sign Trade Deal And Arizona Approves Crypto Reserve Law