Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
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

France can break the EU password market with ‘atomic weapons’.

September 15, 2025

Expect what XRP ETF is approved by the SEC

September 9, 2025

Cardano founder says Chainlink quotes ‘ridiculous price’ to them.

September 3, 2025
Add A Comment

Comments are closed.

Recent Posts

Zircuit Launches $495K Grants Program To Accelerate Web3 Super Apps

September 16, 2025

Kintsu Launches SHYPE On Hyperliquid

September 16, 2025

New Cryptocurrency Mutuum Finance (MUTM) Raises $15.8M As Phase 6 Reaches 40%

September 16, 2025

How XRP Enthusiasts Can Earn $15k/Day

September 16, 2025

Bringing 1R0R To R0AR Chain Unlocks New Incentives

September 16, 2025

As the Air drop recipient is sold, the infinite price is 46% conflict after Binance listing.

September 16, 2025

Vulnerability or orbit again? BTC has a line at $ 115K

September 16, 2025

Bitcoin Treasury Firm Strive adds an industry veterans and starts a new $ 950 million capital initiative.

September 16, 2025

France can break the EU password market with ‘atomic weapons’.

September 15, 2025

Cardano (ADA) Signal Recovery -Is there a strong rise?

September 15, 2025

BitMine Immersion (BMNR) Announces Crypto And Cash Holdings Of $10.8 Billion, ETH Holdings Exceeding 2.151 Million

September 15, 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

Zircuit Launches $495K Grants Program To Accelerate Web3 Super Apps

September 16, 2025

Kintsu Launches SHYPE On Hyperliquid

September 16, 2025

New Cryptocurrency Mutuum Finance (MUTM) Raises $15.8M As Phase 6 Reaches 40%

September 16, 2025
Most Popular

How do digital certificates on the blockchain, along with Bitcoin, contribute to secure financial transactions in the digital realm?

November 24, 2023

Bitfinex Lists StablR USD (USDR) and Euro (EURR) Stablecoins to Meet European Demand

January 15, 2025

What’s next for cryptocurrency? Bitcoin ETF approval sets the stage for a new era

January 12, 2024
  • 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.