Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»BITCOIN NEWS»Will Washington ruin cryptocurrencies or welcome them? Upcoming vote will decide Bitcoin’s fate
BITCOIN NEWS

Will Washington ruin cryptocurrencies or welcome them? Upcoming vote will decide Bitcoin’s fate

By Crypto FlexsMay 19, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Will Washington ruin cryptocurrencies or welcome them?  Upcoming vote will decide Bitcoin’s fate
Share
Facebook Twitter LinkedIn Pinterest Email

With the value of Bitcoin surging and Wall Street circling like a hawk, the U.S. cryptocurrency industry is holding its breath as a crucial vote approaches in Washington next week. The 21st Century Financial Innovation and Technology Act (Fit21) could reshape the regulatory landscape for digital assets, potentially either accommodating the industry or putting the brakes on its recent rapid growth.

Fit21: Lifeline or leash?

Fit21 proposes major changes to the way the U.S. government handles digital currencies. The current regulatory environment is fragmented, with both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) having a say.

Fit21 will establish the CFTC as the primary regulator for cryptocurrencies, giving the industry a clearer picture of the rules it must follow. The bill would also establish guardrails to protect consumers from risky behavior and establish protocols for how these assets are held and handled in bankruptcy proceedings.

The total cryptocurrency market cap is currently $2.3 trillion. Chart: TradingView

The Bitcoin industry supports Fit21, calling it “critical” to the future of the U.S. digital asset market. The lack of clear regulation has been a major obstacle for the industry, with some companies even threatening to abandon the United States altogether.

The Crypto Council for Innovation is concerned that the United States is lagging behind other countries in embracing Bitcoin innovation. In an open letter to lawmakers, he argued:

“By passing this bill, we can accelerate the growth of blockchain technology and digital assets, promote financial inclusion, and protect national security.”

Wall Street enters the cryptocurrency fray

Adding another layer of intrigue to the upcoming vote is the recent entry of Wall Street giants into the cryptocurrency space. The approval of a wave of Bitcoin exchange-traded funds (ETFs) in January opened the door for Wall Street to get a slice of the cryptocurrency pie.

These ETFs allow traditional investors to invest in Bitcoin without having to purchase and hold the cryptocurrency directly. The potential for high fees associated with the custody of these ETFs has some industry observers concerned that Wall Street’s involvement could stifle innovation.

BTC price change over the last 7 days. Source: CoinGecko

Will Bitcoin Find a Home in the United States?

With the price of Bitcoin rising and pressure mounting from both the digital asset industry and Wall Street, the upcoming Fit21 vote could be a watershed moment for U.S. cryptocurrencies. If passed, this bill could usher in a new era of regulatory clarity and spur growth in the industry.

However, if the bill is defeated, the future of cryptocurrency in the United States remains uncertain, potentially leading to an exodus of cryptocurrency companies and hindering innovation. With 10 days left until the vote, all eyes are on Washington as lawmakers decide whether to welcome cryptocurrencies with open arms or block them.

Featured image by Getty Images, chart by TradingView

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Apple, X, Airbnb Eye Stablecoin Integration

June 7, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025

NVIDIA’s GB200 NVL72 and Dynamo improve MoE model performance

June 7, 2025

Despite market volatility

June 7, 2025

TEZOS promotes scaling efforts by activating data soluble layers.

June 7, 2025

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

The merchant warns that Bitcoin is in ‘cancer price behavior’.

June 7, 2025

Is Bitcoin Price Rally $ 150K by the end of the year?

June 7, 2025

How does it affect Bitcoin?

June 7, 2025

Gala Games introduces a step -by -step approach to founder node staking.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025
Most Popular

Ethereum Rollup Analysis – What makes a rollup optimistic and what makes a rollup with zero knowledge?

May 14, 2024

Solana, Meme Moguls, and Bitcoin are leading the pack ahead of the bull market.

February 8, 2024

Regulatory and Legislative Analysis – October 2023

November 26, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.