The Crypto Industry Holds Its Breath as Congress Prepares for a Crucial Vote
The price of Bitcoin, Ethereum, and XRP is on the brink of a significant shift as Congress prepares to vote on the Financial Innovation and Technology for the 21st Century Act, also known as Fit21. This game-changing legislation has the potential to promote the Commodity Futures Trading Commission (CFTC) as a major crypto regulator, carving out which areas of the bitcoin and crypto market are overseen by the Securities and Exchange Commission (SEC).
The future of crypto regulation hangs in the balance
The Crypto Council for Innovation, a coalition of crypto companies and organizations, including major exchanges Coinbase and Kraken, as well as investor Andreessen Horowitz and the sprawling Digital Currency Group crypto empire, has written an open letter to lawmakers, stating that the passage of this legislation is crucial for the U.S. to maintain its leadership in financial innovation.
“By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, fostering financial inclusion and protecting national security,” the letter reads.
The lack of clear crypto rules and regulations has led some crypto companies to threaten to abandon the U.S. entirely. Industry leaders have complained that there is no permitted route to market for crypto financial products. This vote could be the turning point for the crypto industry in the U.S.
The bitcoin price has rocketed 10% over the last week
The bitcoin price has surged 10% over the last week, climbing back toward $70,000 per bitcoin and boosting the price of ethereum, XRP, and other cryptocurrencies. Twitter founder Jack Dorsey has unveiled his plan to blow up the bitcoin price, adding to the excitement.
“This is a big deal,” Noelle Acheson, author of the Crypto is Macro Now newsletter, wrote in a note. “At the risk of buying too much into the crypto echo chamber glee, this does feel like a political signal that suggests a deepening divide in the Democratic party.”
The next few days will be crucial for the crypto industry as lawmakers prepare to vote on Fit21. The outcome of this vote could have far-reaching consequences for the price of bitcoin, ethereum, and XRP.
The crypto industry holds its breath as Congress prepares to vote
As the crypto industry waits with bated breath, one thing is certain - the outcome of this vote will have a significant impact on the future of crypto in the U.S. Will Congress pass the Fit21 legislation, or will it veto it? Only time will tell.
