The fact that the price of cryptocurrencies like Bitcoin and Ethereum is going up as a result of planned legislation and regulations
This week, Bitcoin (BTC-USD) and Ethereum (ETH-USD) are both seeing a surge in value as investors are excited about a new regulatory framework and approval for an ether exchange-traded fund (ETF), both of which have the potential to enhance the sector. Jennifer Schonberger, a writer for Yahoo Finance, sheds further light on the new law that has the potential to transform the cryptocurrency industry.
The fact that the price of Bitcoin and Ethereum is rising due to proposed crypto legislation
The Financial Innovation and Technology for the 21st Century Act, often known as FIT21, is a piece of crypto legislation that is scheduled to be put to a vote in the House of Representatives for the very first time today. The Commodities Futures Trading Commission (CFTC) would become the primary regulator of digital assets as a result of this act, which would also provide consumer safeguards.
According to Republican members, FIT21 will offer clarity to the cryptocurrency business. On the other hand, Democrats feel that it will effectively deregulate the majority of cryptocurrencies by removing them from the purview of the Securities and Exchange Commission (SEC).
The vote is scheduled to take place today at around five o'clock Eastern Time, and it is anticipated that it will be successful. However, it is not yet apparent what the future holds for FIT21 in the Senate.
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