Key Economic Events This Week: FOMC, Senate Hearings, Crypto Tax Policy, and More

The post Key Economic Events This Week: FOMC, Senate Hearings, Crypto Tax Policy, and More appeared first on Coinpedia Fintech News

The crypto market is heading into a critical week as major U.S. policy decisions and economic data take center stage. A series of macro events are set to unfold and how these events play out could impact both prices and regulations. A hawkish tone from policymakers could weigh on risk assets like Bitcoin, while dovish signals might give crypto markets a boost.

July 8 – Consumer Credit Data

Consumer credit data will be released on Tuesday, which will offer key insight into consumer confidence and economic sentiment.

A lower-than-expected reading would mean growing caution among consumers. This shift in trend would push some investors toward Bitcoin. A hawkish read could strengthen the U.S. dollar and put pressure on Bitcoin, while a dovish tone may support crypto markets by boosting risk appetite.

July 9 – FOMC Minutes

All eyes are next on the FOMC minutes, that will be released this Wednesday. The minutes will offer insights into the central bank’s stance during its May meeting, where it chose to hold interest rates steady. With inflation still above the Fed’s 2% target, investors are eager to see whether the tone in the minutes leans hawkish, hinting at fewer rate cuts or if there is a change in plan.

July 9 – Key Hearing by Senate Banking Committee

The U.S. Senate Banking Committee will hold a key hearing on July 9 to decide if tokens like XRP should be classified as securities or commodities. The hearing will focus on a new bill that aims to clearly define which crypto tokens are securities (regulated by the SEC) and which are commodities (regulated by the CFTC).

Ripple CEO Brad Garlinghouse and experts from the Blockchain Association, Chainalysis, and Paradigm will also testify. This could also pave the way for altcoin ETFs later this year.

July 9 – Digital Assets Tax Policy

The U.S. House will hold a hearing this Wednesday to discuss how the U.S. can lead in the crypto space. Titled “Making America the Crypto Capital of the World,” the focus will be on creating a modern tax policy framework tailored for digital assets like Bitcoin and stablecoins.

Fox Jounalist Eleanor Terrett has recently shared that the crypto hearing is delayed as the House is out this week. A new date is yet to be announced.

July 10 – Initial Jobless Claims

Initial Jobless claims will be released on Thursday. The report shows how many people filed for unemployment benefits for the first time. Economists expect a slight uptick to 235,000, up from 233,000 the week before.

If the claims rise, it may indicate a weakening labour market, boosting hopes for Fed rate cuts. This could Boost bitcoin as well. But if claims drop, the dollar could get stronger and crypto might take a hit.

“Crypto Week” Ahead

Looking ahead to the next week, starting July 14, the U.S. House is all set to kick off the “Crypto Week.” Lawmakers will vote on three major crypto-related bills: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act. This could mark a major turning point for U.S. crypto regulation.

Crypto Pulpit