The Market Structure Act has been pushed back another step, with the focus on how the stablecoin yield provisions will be amended. Once this loophole is tightened, on-chain USD inflows, payments, and exchange liquidity will feel the pressure first, and related narratives will fluctuate accordingly. For blockchains like $ETH that support the stablecoin ecosystem, the short-term outlook depends on how policy expectations are re-priced.