- The US House Committee is set to make a historic vote for the crypto sector.
- If this proceeds well, the US crypto realm will finally have a clear regulatory framework.
- This could lead to a massive bullish wave for the crypto industry.
Amidst the many regulatory strife in the US crypto realm, the defining move for clarity in the space is in the making. Presently, the US House Committee is set to vote on legislation to craft a clear and pragmatic regulatory framework for digital assets this month.
In detail, the US House is expected to vote on the FIT21 bill, which seeks to clarify regulatory roles for the SEC and CFTC in digital asset oversight. Passed from committee in July 2023, the bill aims to enhance consumer protections and establish a clear framework for blockchain innovation following the FTX collapse.
No doubt, this is a crucial step towards establishing regulatory clarity for digital assets. The goal of FIT21 is to provide robust and time-tested consumer protections and regulatory certainty needed for fair and easy trading of digital assets in the USA.
The US regulatory government has not made it easy for crypto companies to thrive. However, with cases like FTX having taken place on US soil, the country understands the need for clear regulatory rules to protect consumers in the space.
Most recently, the country went after the former Binance CEO. Despite the crypto community’s faith in the legend CZ, the country is still keeping a close eye on Binance. In fact, the Justice Department just granted Binance monitorship to FRA over Sullivan & Cromwell.
Despite the buzz for crypto regulatory clarity from the US house, current US President, Joe Biden stands poised to veto certain steps front he house that allows companies to hold and trade digital assets legally.
This hindrance is not going unnoticed by new US Presidential candidates like DOnald Trump. This time around, Trump is showing full support for crypto and Bitcoin thereby giving the crypto community hope for a crypto-friendly US rule.
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