The procedural voting for the US encryption bill is coming, please stay tuned for the voting results! Faced with tonight's vote, the market is already pricing, and the BTC/ETH market is already reacting, not driven by a single event. At 2:15 am Singapore time on September 16th (2:15 pm Eastern 15th), the US Senate will hold a motion to adjourn debate on the highly anticipated cryptocurrency market structure bill. At present, the Republican Party holds 53 seats, and even if everyone is united, at least 7 Democrats or independents still need to defect and support. Under multiple pressures such as the implementation of the Democratic Party's counter proposal, key swing votes stuck in ethical provisions, and the approaching midterm elections, tonight's 60 vote battle is highly suspenseful. The market is well aware that even if it passes 60 tonight, there is still a long and difficult road to final legislation. If it is ultimately passed, it will be a structural benefit rather than a general increase. The core of the bill is to clarify the responsibilities of the SEC and CFTC, reduce "enforcement style supervision", and pass it to lower the compliance costs that institutions "dare not touch". Tonight's cryptocurrency trading is about whether the United States will provide a written legal framework in 2026 Passing means that uncertainty is expected to be eliminated ahead of schedule. However, it means that uncertainty will drag on for another one to two years (until 2027). In terms of price, we will first look at the voting results and the statements of key Democrats, and then add tomorrow's FOMC resolution. This is more like a game about the implementation time of institutional compliance costs, rather than a simple bull bear switch.