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According to ChainCatcher, citing Jinshi News, traders are flocking to a specific options bet, anticipating that the Federal Reserve will cut rates by more than 25 basis points next month. Since the beginning of this month, there has been strong demand for positions related to the Secured Overnight Financing Rate (SOFR), which is closely tied to policy expectations. This week, traders have further increased their bets, with open interest in contracts targeting a 50 basis point rate cut rising sharply. Despite a short-term pullback, traders remain confident that a rate cut will occur next month.

According to a report by Jinse Finance, Tim Scott, Chairman of the U.S. Senate Banking Committee, stated at the SALT conference in Jackson Hole, Wyoming, that he expects 12 to 18 Democratic senators may support the Senate’s market structure bill for digital asset market regulation. Currently, the Senate has only released a discussion draft, and the final bill is expected to be completed by the end of September. This legislation will determine how the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regulate digital assets, including the spot crypto market. Scott noted that some Democrats, such as Elizabeth Warren, may hinder the progress of the bill.