[Citigroup: SEC's New Rulemaking to Become the Next Focus in the Crypto Market] BlockBeats News, September 23, Citigroup stated in its latest market strategy program that the U.S. Senate's failure to advance the CLARITY Act into formal deliberation has not disrupted Bitcoin's rebound. Despite the procedural vote on the bill being blocked, Bitcoin has remained strong, indicating that capital has begun to reduce its reliance on a single legislative node and is instead focusing on whether regulatory rules can continue to progress. Citigroup believes that the legislative setback will limit the CFTC's ability to obtain more comprehensive regulatory authority over the crypto market in the short term. However, the SEC can still advance certain rulemaking based on its existing authority. For the market, this suggests that the compliance process for the crypto industry still has room to continue, with the subsequent focus shifting to the SEC's actual implementation pace regarding rules for trading, tokenized assets, and market access. Additionally, the macroeconomic environment remains a variable for Bitcoin's rebound. Citigroup's economic team holds the baseline view that the current rate hike cycle may be nearing "one-and-done"; however, the quantitative macro team warns that if AI investments continue to support growth, along with sustained pressure on employment and wages, interest rates may face further upward revision risks. Citigroup sees Bitcoin's rise above the mid-term moving average as a signal of warming risk appetite and notes that its correlation with Nasdaq performance is worth continued monitoring. [Original Link]