A Crucial Vote Looms for Crypto: What’s at Stake?
As the crypto market continues to soar, with Bitcoin prices reaching new heights, a crucial vote is looming in Washington that could have far-reaching implications for the industry. The Financial Innovation and Technology for the 21st Century Act, or Fit21, is set to be voted on by House lawmakers next week, and its passage could be a game-changer for the future of crypto in the US.
The fate of crypto regulation hangs in the balance
The bill, which has been hailed as “crucial” by some of the biggest crypto companies, would promote the Commodity Futures Trading Commission (CFTC) to a major crypto regulator and carve out which areas of the bitcoin and crypto market are overseen by the Securities and Exchange Commission (SEC). It would also establish consumer protections for the custody of cryptocurrencies and how they should be treated in bankruptcy.
The bitcoin price has rocketed 10% over the last week
The crypto industry has been crying out for clear regulations, with some companies even threatening to abandon the US due to the lack of clarity. The passage of Fit21 could be a major step forward, fostering financial inclusion and protecting national security.
Crypto companies are watching the vote with bated breath
But it’s not all plain sailing. President Joe Biden has vowed to block the bill, and some lawmakers are still undecided. The vote is set to be a close one, and the outcome is far from certain.
President Joe Biden has vowed to block the bill
In a surprising twist, former President Donald Trump has recently come out in support of crypto, announcing that he will begin accepting crypto campaign donations. This sudden flip has left many in the industry scratching their heads, but it could be a sign of things to come.
Donald Trump’s sudden support for crypto has raised eyebrows
As the vote approaches, the crypto community is holding its breath. Will Fit21 pass, and what will it mean for the future of crypto in the US? One thing is certain - the stakes have never been higher.
The future of crypto hangs in the balance
