The world of Bitcoin and cryptocurrencies is on the edge of a major shift as U.S. lawmakers prepare to vote on a game-changing bill that could reshape the industry. The Financial Innovation and Technology for the 21st Century Act, known as Fit21, is set to promote the Commodity Futures Trading Commission (CFTC) to a major crypto regulator and establish clear guidelines for the oversight of the crypto market by the Securities and Exchange Commission (SEC).
The bill, which has been described as “crucial” by major crypto companies, aims to accelerate the growth of blockchain technology and digital assets while ensuring consumer protections and guarding against risky behavior. The Crypto Council for Innovation, a coalition of leading crypto companies and organizations, has emphasized the importance of maintaining the U.S.’s leadership in financial innovation through the passage of this legislation.
The upcoming vote has sparked intense debate within Congress, with some lawmakers expressing concerns about the lack of clear rules and regulations for the crypto industry. The recent overturning of a crypto accounting policy by Congress, despite President Joe Biden’s promise to veto it, has further highlighted the growing divide within the Democratic party on the issue of cryptocurrencies.
Senator Cynthia Lummis, a Republican from Wyoming and a vocal supporter of crypto, has criticized the bill as a “disaster” that fails to protect consumers. However, supporters of the bill see it as a significant step towards fostering financial innovation and ensuring the U.S. remains at the forefront of the crypto industry.
As the countdown to the vote begins, all eyes are on President Biden, who will have the final say on the fate of the bill. With the potential for significant implications on the price of Bitcoin, Ethereum, XRP, and other cryptocurrencies, the outcome of this vote could shape the future of the crypto market in the U.S. Stay tuned for updates on this developing story.