TL;DR
Full Story
We all know the underside half of this version is fairly heavy on the ‘Authorities payments resulting in massive impacts on crypto’ facet of issues.
However these issues are dang necessary!
You’d be preaching to the choir in case you advised us that crypto was one of the vital necessary improvements up to now 15 years.
It’s big! It impacts the monetary system. However there’s at all times been one factor lacking…
Rules to comply with.
In the present day – Wednesday twenty second Could – the Home is voting on just a little factor referred to as the ‘Financial Innovation and Technology for the 21st Century Act’ (FIT21 for brief).
The three BIG issues it goals to do are:
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Make clear questions round which companies have the duty to manage numerous elements of the crypto business
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Create shopper protections for the 52 million Individuals who personal crypto
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Give web3 builders trying to launch tasks within the U.S. clear guidelines to play by.
Right here’s what’s thrilling about this:
Earlier variations of this invoice have had bipartisan support, with each Democrats and Republicans stating that the invoice would “promote a safe, modern, and inclusive monetary future.”
And so as to get a invoice by way of the Home proper now you just about want assist from each side.
What might occur subsequent?
Earlier than we get too excited, there’s nonetheless fairly an extended approach to go.
If FIT21 passes within the Home, the invoice’s subsequent cease can be the Senate.
Except for a simple vote, one attainable strategy that has been suggested is tying FIT21 to considered one of Congress’s bigger spending payments earlier than the tip of the 12 months.
No matter occurs, that is going to be an enormous week for crypto within the US.
Right here’s hoping for a constructive outcome 🙏