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We know the bottom half of this edition is pretty heavy on the ‘Government bills leading to big impacts on crypto’ side of things.
But those things are dang important!
You’d be preaching to the choir if you told us that crypto was one of the most important innovations in the past 15 years.
It’s huge! It impacts the financial system. But there’s always been one thing missing…
Regulations to follow.
Today – Wednesday 22nd May – the House is voting on a little thing called the ‘Financial Innovation and Technology for the 21st Century Act’ (FIT21 for short).
The three BIG things it aims to do are:
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Clarify questions around which agencies have the responsibility to regulate various aspects of the crypto industry
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Create consumer protections for the 52 million Americans who own crypto
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Give web3 developers looking to launch projects in the U.S. clear rules to play by.
Here’s what’s exciting about this:
Previous versions of this bill have had bipartisan support, with both Democrats and Republicans stating that the bill would “promote a secure, innovative, and inclusive financial future.”
And in order to get a bill through the House right now you pretty much need support from both sides.
What could happen next?
Before we get too excited, there’s still quite a long way to go.
If FIT21 passes in the House, the bill’s next stop would be the Senate.
Aside from a straightforward vote, one possible approach that has been suggested is tying FIT21 to one of Congress’s larger spending bills before the end of the year.
Whatever happens, this is going to be a huge week for crypto in the US.
Here’s hoping for a positive result 🙏
