Republicans say the bill now includes 126 Democratic demands, with new concessions on Trump ethics, stablecoin rewards, developer protections and exchange conflicts.
September 15 payments could absorb bank reserves before the Fed decision, while Treasury spending and Fed tools can cushion pressure.
The Q2 snapshot points to larger gross books, but any crypto spillover still depends on funding stress after the FOMC.
Nasdaq futures led early losses while software shares rose, leaving the cash session to test whether selling spreads.
CFTC data put their combined net short near 39,877 BTC, but rising longs complicate a directional bearish reading.
Four straight sessions of outflows ended a three-week buying streak that had poured nearly $3.8 billion into spot Bitcoin funds.
The president accepted most of a bipartisan crypto ethics proposal as Republicans moved to break the bill’s months-long Senate impasse.
Banks retain the customer interface, while undisclosed pricing, data, compliance and settlement terms will determine who captures the value.
His three-stage proposal points toward binding cross-lab limits, a narrow public brake and independently distributed scrutiny.
