September is very critical. In addition to paying attention to the Fed's interest rate cut, there are also major moves at the regulatory level.

The U.S. House Financial Services Committee will hold a series of cryptocurrency hearings in September. The results of these hearings will have an important impact on the second half of this bull market and even the long-term future of the crypto industry:

A DeFi subcommittee review will be held on September 10. Most U.S. regulators have a negative attitude towards DeFi, and some proposed rules proposed by multiple federal agencies, including the U.S. SEC and the IRS, may have a life-or-death impact on DeFi projects.

Two hearings will be held on September 18 to discuss the SEC's enforcement practices and the impact of the "pig killing" scam.

The full committee hearing on September 23 is of the highest importance and has the greatest impact on the crypto market. The House Committee is negotiating legislation that seeks to limit the SEC's jurisdiction over digital assets so that the CFTC can play a more important role.

The chairman of the Financial Services Committee is Republican Congressman Patrick McHenry, who will retire at the end of this year. He said that one of his top priorities for the rest of his term is to pass a cryptocurrency regulatory bill.