Bitcoin and ethereum are rallying this week as investors are optimistic about new regulatory legislation that could reshape the crypto sector. The proposed legislation, known as the Financial Innovation and Technology for the 21st Century Act (FIT21), is set for a crucial vote in the House today. The bill seeks to make the Commodities Futures Trading Commission (CFTC) the primary regulator of digital assets, providing clarity and consumer protections for the industry.
Republican lawmakers believe FIT21 will bring much-needed clarity to the crypto space, while Democrats warn that it could effectively deregulate most cryptocurrencies by removing them from the oversight of the Securities and Exchange Commission (SEC). The vote is expected to pass in the House this evening, though its fate in the Senate remains uncertain.
Meanwhile, the SEC faces a looming deadline tomorrow regarding the approval or denial of an ether ETF. The agency has not provided any comments on individual filings, but the outcome could have significant implications for the industry. Investors are eagerly watching developments in Washington as they anticipate potential growth and mainstream acceptance within the crypto market.