Congress is hurtling toward a crypto vote that impacts Ethereum

Congress is hurtling toward a crucial crypto vote that could have a major impact on the price of Bitcoin, Ethereum, and XRP. This game-changing decision has the potential to shape the future of the cryptocurrency industry in the United States.
According to Forbes , next week, House lawmakers will vote on the Financial Innovation and Technology for the 21st Century Act, also known as Fit21. This proposed legislation aims to promote the Commodity Futures Trading Commission (CFTC) as a major crypto regulator and define the jurisdiction of the Securities and Exchange Commission (SEC) within the bitcoin and crypto market.
The implications of this vote are significant. It would establish guardrails against risky behavior, introduce consumer protections for the custody of cryptocurrencies, and provide clarity on how digital assets should be treated in bankruptcy. Furthermore, passing this legislation would accelerate the growth of blockchain technology and digital assets, fostering financial inclusion and protecting national security.
The importance of this vote is not lost on industry leaders. The Crypto Council for Innovation, a coalition that includes major exchanges Coinbase and Kraken, investor Andreessen Horowitz, and the Digital Currency Group, has written an open letter to lawmakers stressing the urgency of the situation. They emphasize that the U.S. must maintain its leadership in financial innovation, and failure to provide clear crypto rules and regulations may lead some companies to consider abandoning the country.
This development comes hot on the heels of a recent overturning of a crypto accounting policy from the SEC that previously hindered regulated financial institutions from custodying cryptocurrencies. Despite President Joe Biden’s promise to veto such a resolution, it gained support from a dozen Democrats, signaling a potential deepening divide within the Democratic party.
President Biden now has around ten days to veto the bill or sign it off once it reaches his desk. If he fails to veto it, the legislation would pass into law without his signature.
Stay tuned for further updates on this crucial crypto vote as it unfolds. The future of Bitcoin, Ethereum, XRP, and the entire cryptocurrency industry hangs in the balance. Read the full article on Forbes to delve deeper into the details.