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Will Washington Wreck Or Welcome Crypto? Looming Vote Holds Bitcoin’s Fate
The post Will Washington Wreck Or Welcome Crypto? Looming Vote Holds Bitcoin’s Fate appeared on BitcoinEthereumNews.com. With Bitcoin rocketing in value and Wall Street circling like a hawk, the US crypto industry is holding its breath as a crucial vote approaches in Washington next week. The Financial Innovation and Technology for the 21st Century Act, or Fit21, could reshape the regulatory landscape for digital assets, potentially welcoming the industry into the fold or slamming the brakes on its recent growth spurt. Fit21: A Lifeline Or A Leash? Fit21 proposes a major shift in how the US government handles digital currencies. Currently, the regulatory landscape is fragmented, with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) both having a say. Fit21 would establish the CFTC as the primary regulator for crypto, giving the industry a clearer picture of the rules it needs to follow. The bill would also set up guardrails to protect consumers from risky behavior and establish protocols for how these assets are held and treated in bankruptcy proceedings. Total crypto market cap currently at $2.3 trillion. Chart: TradingView The bicoin industry has thrown its weight behind Fit21, calling it “crucial” for the future of the US digital asset market. The lack of clear regulations has been a major sticking point for the industry, with some companies even threatening to abandon the US altogether. The Crypto Council for Innovation worries that the US is falling behind other countries in embracing bitcoin innovation. In an open letter to lawmakers, it argued: “By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, fostering financial inclusion and protecting national security.” Wall Street Enters The Crypto Fray Adding another layer of intrigue to the upcoming vote is the recent entry of Wall Street giants into the crypto space. The approval of a wave of Bitcoin exchange-traded funds (ETFs) in…
The post Will Washington Wreck Or Welcome Crypto? Looming Vote Holds Bitcoin’s Fate appeared on BitcoinEthereumNews.com.
With Bitcoin rocketing in value and Wall Street circling like a hawk, the US crypto industry is holding its breath as a crucial vote approaches in Washington next week. The Financial Innovation and Technology for the 21st Century Act, or Fit21, could reshape the regulatory landscape for digital assets, potentially welcoming the industry into the fold or slamming the brakes on its recent growth spurt. Fit21: A Lifeline Or A Leash? Fit21 proposes a major shift in how the US government handles digital currencies. Currently, the regulatory landscape is fragmented, with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) both having a say. Fit21 would establish the CFTC as the primary regulator for crypto, giving the industry a clearer picture of the rules it needs to follow. The bill would also set up guardrails to protect consumers from risky behavior and establish protocols for how these assets are held and treated in bankruptcy proceedings. Total crypto market cap currently at $2.3 trillion. Chart: TradingView The bicoin industry has thrown its weight behind Fit21, calling it “crucial” for the future of the US digital asset market. The lack of clear regulations has been a major sticking point for the industry, with some companies even threatening to abandon the US altogether. The Crypto Council for Innovation worries that the US is falling behind other countries in embracing bitcoin innovation. In an open letter to lawmakers, it argued: “By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, fostering financial inclusion and protecting national security.” Wall Street Enters The Crypto Fray Adding another layer of intrigue to the upcoming vote is the recent entry of Wall Street giants into the crypto space. The approval of a wave of Bitcoin exchange-traded funds (ETFs) in…
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