Congress moves to redraw $3.7 trillion crypto market rules, opening door to Wall Street

Market Trends & Performance - Bitcoin reached an all-time high, trading around $120,000 per Bitcoin [1] - Bitcoin's value has doubled compared to a year ago [1] - Ether outperformed Bitcoin this week, rising approximately 20% and maintaining above the $3,000 threshold [2] - Altcoins like Salana and XRP are also experiencing gains [2] ETF & Futures Market - US Bitcoin ETFs attracted $27 billion last week [2] - Open interest in Bitcoin futures reached a record high, exceeding $86 billion [2] - Ethereum open interest is also near record highs, indicating strong market conviction [3] Regulatory Landscape - The House is considering three bills related to crypto regulation during crypto week on Capitol Hill [4] - These bills aim to regulate stablecoins, define the distinction between commodities and securities, and potentially restrict the issuance of a Fed-backed digital dollar [4] - The proposed market structure bill seeks to provide regulatory clarity, which Wall Street has been anticipating [4] - The Clarity Act, under consideration, aims to define regulatory responsibilities, potentially granting the CFTC jurisdiction over digital commodities like Bitcoin and Ether, while narrowing the SEC's authority over securities [7]