Ethereum
Top CEO bets on Biden crypto-shock reversal as Congress rushes to ‘crucial’ vote that could explode price of Bitcoin, Ethereum and XRP
Updated 5/20 below. This article was originally published on May 18
Bitcoin
Bitcoin
and cryptocurrencies, including major coins Ethereum and XRP
XRP
-are preparing for a game-changing vote in Washington next week (even as a Bitcoin storm on Wall Street brews).
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The price of bitcoin has climbed 10% over the past week, back to $70,000 per bitcoin and driving up the price of Ethereum, XRP and other cryptocurrencies. as Twitter founder Jack Dorsey reveals his plan to explode the price of Bitcoin.
NOW, after Shark Tank billionaire Mark Cuban issues harsh warning to President Joe Biden over cryptoUS lawmakers are poised for a historic vote on crypto that some of the biggest crypto companies have called “crucial” for the future of the US industry.
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US President Joe Biden has vowed to block the game-changing crypto bill, with another described as… [+] “crucial” to the price of bitcoin, ethereum, XRP and crypto by some of the biggest crypto companies.
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Next week, House lawmakers will vote on the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would make the Commodity Futures Trading Commission (CFTC) a major crypto regulator and would determine which areas of the bitcoin and crypto market. are supervised by the Securities and Exchange Commission (SEC).
It would also establish guardrails against risky behavior and establish protections for consumers regarding the custody of cryptocurrencies and how they should be treated in bankruptcy.
“By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, driving financial inclusion and protecting national security,” said the Crypto Council for Innovation, a coalition of companies and organizations crypto that also includes major exchanges Coinbase and Kraken. as investor Andreessen Horowitz and the sprawling crypto empire the Digital Currency Group wrote in an open letter to legislators. “It is crucial that the United States maintains its leadership in financial innovation.”
Some crypto companies have threatened to abandon the United States altogether due to the lack of clear crypto rules and regulations, with industry executives complaining that there is no authorized path to market for cryptographic financial products.
This week, Congress reversed an SEC crypto accounting policy that had blocked Wall Street’s largest banks and equally tightly regulated financial firms from holding bitcoin and other cryptocurrencies, with the resolution gaining support of a dozen Democrats despite President Joe Biden’s promise to do so. vote for it if it reaches his desk.
“This is a big deal,” Noelle Acheson, author of the newsletter Crypto is Macro Now, wrote in a note. “At the risk of buying too much into the glee of the crypto echo chamber, this feels like a political signal that suggests a growing division within the Democratic Party.”
President Biden now has about ten days to veto the bill or sign it once it reaches his desk. If he does not veto, the text will be adopted without his signature.
Updated 5/20: Some believe Biden may reverse the promised veto due to former president and 2024 Republican candidate Donald Trump’s recent support for crypto.
“I’m 90% sure that Joe Biden will back down this week from the veto threat of SAB 121,” said Ryan Selkis, chief executive of crypto data firm Messari, who recently endorsed Trump because of his support for the crypto industry. job to X, adding that he believes the Democrats are “losing [an] a huge amount of political capital over an “accounting rule”.
Asset, which caused the price of a small cryptocurrency to suddenly rise this monthalso announced that it would begin accepting crypto campaign donations.
Trump’s sudden reversal on bitcoin and cryptocurrencies, culminating with an event at Mar-a-Lago that week in which he told attendees “if you’re in favor of crypto, you’d better vote for Trump” and “Democrats are strongly opposed to it.” comes after him declared he wasn’t a fan of bitcoin or crypto in 2019.
Trump’s remarks were describe by Politico as a “new weapon against Biden,” and follow the former president selling various digital trading card collections to his supporters using cryptocurrency over the past two years.
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The price of bitcoin has skyrocketed over the past year, pushing bitcoin, ethereum, XRP and others… [+] cryptocurrencies are coming back to the forefront.
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Sen. Cynthia Lummis, a Wyoming Republican and crypto supporter who pushed for the resolution in the Senate, said the bulletin was “a disaster” that failed to protect consumers.
“This is a victory for financial innovation and a clear rebuke of how the Biden administration and its President Gary Gensler have treated crypto assets and is the first time that both chambers of the Congress adopts standalone crypto legislation,” Lummis said in a statement.
The bulletin was thrust into the spotlight by the approval of a fleet of spot Bitcoin exchange-traded funds (ETFs) on Wall Street in January, which created the possibility of huge fees for crypto custodians.
The long-awaited Bitcoin spot ETFs were only approved by the SEC following a court order.