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Congress Poised for ‘Crucial’ Crypto Vote as Bitcoin, Ethereum and XRP Brace for Impac


U.S. lawmakers are on the brink of a landmark crypto vote that could significantly impact the future of the industry and the prices of major cryptocurrencies like Bitcoin, Ethereum, and XRP.

Why It Matters

The upcoming vote on the Financial Innovation and Technology for the 21st Century Act (Fit21) could:

  • Establish the Commodity Futures Trading Commission (CFTC) as a major crypto regulator
  • Define the regulatory scope of the Securities and Exchange Commission (SEC) in the crypto market
  • Set guardrails against risky behavior and establish consumer protections

The outcome of this vote could significantly influence the growth and innovation of the U.S. crypto industry.

By the Numbers

  • Bitcoin price has surged 10% over the last week, nearing $70,000 per bitcoin
  • Ethereum and XRP prices have also experienced a boost in anticipation of the vote
  • Congress recently overturned an SEC crypto accounting policy with support from a dozen Democrats

What’s Next

  • House lawmakers will vote on the Fit21 Act next week
  • If passed, the bill will head to President Biden’s desk for approval or veto
  • The outcome could prompt major crypto companies to either remain in or abandon the U.S. market

The Big Picture

The upcoming vote on the Fit21 Act represents a critical juncture for the U.S. crypto industry. Clear regulations and a supportive legal framework could cement the country’s position as a leader in financial innovation, while a lack of progress may drive businesses and investment overseas. The outcome of this vote will likely shape the future landscape of the crypto market in the United States and beyond.

What do you think the outcome of this crucial crypto vote will be, and how do you expect it to impact the prices of Bitcoin, Ethereum, and XRP? Leave a comment below with your thoughts.

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