Citigroup: SEC rule making will become the next observation point in the cryptocurrency market

Citigroup stated that the US Senate failed to push the CLARITY bill into formal review, and Bitcoin remains strong. The legislative obstruction has restricted the CFTC from obtaining more complete regulatory authorization for the cryptocurrency market in the short term, while the SEC can still advance some rule making based on its existing authority. The subsequent focus will be on the SEC's actual execution pace of trading, tokenized assets, and market access rules. The macro environment remains a variable for Bitcoin's rebound, and if AI investment supports growth, employment, and wage pressures persist, interest rates face upward revision risks. Citigroup sees the mid-term moving average of Bitcoin as a signal of a rebound in risk appetite.