Today in crypto, US Senator Cynthia Lummis said the digital asset market structure bill is on track to arrive on President Trump’s desk by the end of the year, China’s cabinet will reportedly review a roadmap that includes yuan-pegged stablecoins to bolster yuan internationalization, and Santiment says Bitcoin’s dip below $113,000 saw retail traders flip “ultra bearish.”
Lummis provides a timeline on crypto market structure bill
Wyoming Senator Cynthia Lummis said the long-awaited US market structure bill could reach President Trump’s desk “before the end of the year,” setting the stage for implementation in 2026.
Speaking at the Wyoming Blockchain Symposium on Wednesday, Lummis pointed to Thanksgiving as a potential inflection point.
The House approved the Digital Asset Market Clarity (CLARITY) Act in July, and Republicans are now pushing to advance it through the Senate. Lummis and other lawmakers say their own proposal — the Responsible Financial Innovation Act — will “build” on the CLARITY framework.
“We […] want to honor as much of the House’s work as we can on CLARITY because they had a robust bipartisan vote,” Lummis said. “CLARITY will probably end up being what we pass, but CLARITY as tweaked by the Senate.”
China weighs yuan-backed stablecoins in major policy shift: Reuters
China, one of the most restrictive global jurisdictions for cryptocurrencies, is reportedly considering allowing Chinese yuan-backed stablecoins in what would be a major policy reversal.
Chinese authorities may authorize yuan-backed stablecoins for the first time to promote global use of its currency, Reuters reported on Wednesday, citing sources familiar with the matter.
If approved, China’s reported plan for stablecoin use would mark a major shift in its approach to crypto after the country banned crypto trading and mining in September 2021.
The news follows multiple reports suggesting that mainland China has been warming up to stablecoins amid the US stablecoin push in 2025.
According to the sources, China’s State Council will review and potentially approve a roadmap later in August to expand global use of the yuan. The plan reportedly includes steps to counter the US progress on stablecoins and guidelines for risk prevention.
One use case for a potential yuan-backed stablecoin from mainland China would be the possible implementation of stablecoins for cross-border trade and payments with some countries.
This issue is expected to be discussed at the Shanghai Cooperation Organization (SCO) Summit that will be held between Aug. 31 and Sep. 1 in Tianjin.
Hong Kong and Shanghai have been identified as priority hubs for rolling out the policy, according to the sources.
Retail traders go from bullish to “ultra bearish” as Bitcoin dipped below $113,000
Retail crypto traders have seemingly flipped bearish after Bitcoin (BTC) failed to pick itself up from a recent dip below $113,000, clocking a 17-day low, blockchain analytics firm Santiment said on Wednesday.
“Retail traders have done a complete 180 after Bitcoin failed to rally and dipped below $113,000,” Santiment said, adding that the past 24 hours have marked “the most bearish sentiment seen on social media” since June 22, when fears of war in the Middle East caused a cascade of panic sells.
Santiment said negative social sentiment is a good thing for dip buyers, especially when there is “blood in the streets and fear is maximized” as short-term retail traders are also more inclined to panic sell or scalp profits than their diamond-handed counterparts, who view the asset class as a longer-term investment.
Santiment said that the panic selling was a “good sign of an upcoming dip bounce.”