This week puts two events on the calendar that trading desks have been circling for a month. On September 15, the Senate holds a cloture vote on the Digital Asset Market Clarity Act, the bill that would finally split securities and commodities oversight of digital assets between the SEC and CFTC.

As the Federal Reserve weighs its first rate increase since resuming a tightening bias, a record day of institutional ETF buying is testing whether Bitcoin's ownership structure has begun to change how the asset absorbs monetary pressure.

The bill that promised to finally answer what a digital asset legally is just missed its own deadline. Here's what it changes anyway, and why it stalled.