Key cryptocurrency market dynamics this week, a decisive week. On the legislative front, the "Crypto Week" in the U.S. Congress has entered a critical phase. Crypto Week mainly involves the U.S. House Financial Services Committee and the Agriculture Committee jointly promoting a series of cryptocurrency bills, with the following three core bills: - Stablecoin Bill: Discussing how to issue licenses for stablecoin issuers (such as USDC and USDT issuers). The current draft leans towards a state government licensing model, recognized at the federal level, which is favorable for existing large stablecoins. - Digital Dollar Ban: Aims to prohibit the Federal Reserve (the U.S. central bank) from directly issuing official digital currency (CBDC) to the public. - Market Structure Bill: Aims to provide clearer rules for the entire cryptocurrency market. Resistance mainly comes from the Democrats, while Republicans hope to quickly advance these bills. The situation regarding ETFs is relatively good, as the SEC is paving the way for spot ETFs. The U.S. Securities and Exchange Commission (SEC) released a 12-page guideline last week, which is widely seen as preparation for the approval of spot crypto ETFs (especially the Solana ETF). Moreover, all applicants for Solana spot ETFs are required to update their application documents by July 31, indicating that the approval decision may come earlier than the originally planned date of October 10. Two scenarios: Assuming that this week regulators and lawmakers emphasize the need for transparent custody and auditing of assets during the hearings, while downplaying concerns about market manipulation, then the prices of $SOL and other high-risk altcoins may rise ahead of schedule. However, if there are any negative comments regarding whether the earnings from token staking count as dividends, it could trigger a rapid decline in market prices. Additionally, there is a significant unlocking event, which needs to be emphasized again: July 15 (Tuesday): Starknet ($STRK): Unlocking 127 million tokens, worth about $180 million. July 18 (Friday): $TRUMP: Unlocking 90 million tokens. Arbitrum ($ARB): Unlocking 775 million tokens.