After the arrival of politicians favorable to the crypto market in the Senate, companies working with digital assets will try to strengthen their positions, Decrypt’s interlocutors told. According to the publication’s sources, new prospects are now opening up for the industry, and the parties are forced to compromise by agreeing to accept the provisions of the bill.
The FIT21 bill was introduced in April 2023 and the House of Representatives approved the document in May 2024. The document provided for a set of measures aimed at countering the use of cryptocurrencies in illegal activities.
In addition, the text of the document outlines the methodology for classifying tokens and coins depending on the degree of their decentralization. It was assumed that crypto companies would be regulated by one of two agencies: the Commodity Futures Trading Commission (CFTC) or the US Securities and Exchange Commission (SEC), depending on the classification of the asset.
According to the head of the lobbying group Crypto Council for Innovation, Sheila Warren Warren, the situation has now changed, and businessmen are ready to reject the bipartisan bill in favor of legislation that is even more favorable to market participants.
Earlier, CoinShares Research Director James Butterfill said that the new US presidential administration is capable of creating a more favorable environment for the growth of the price of Bitcoin.
Source: Bits
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