Don't miss it! This is the most important week for the cryptocurrency industry.
In addition to the Ethereum ETF, two important regulatory bills in the cryptocurrency industry will also have results this week. Let me tell you about them in one go:
🔶 SAB-121: This is a "Cryptocurrency Regulatory Accounting Principle" issued by the SEC in 2022. The regulations will force any company that holds or custody cryptocurrencies to list these assets as liabilities.
The SAB-121 bill is very unreasonable and may even hinder the development of the cryptocurrency industry in the United States. The current situation is that both the Senate and the House of Representatives have passed the bill to "repeal the bill"
👉 Currently, we are only waiting for Biden's consent (the result must be given before 5/28)
Interestingly, Biden said he would oppose it before the House of Representatives voted, but a group of Democratic congressmen still chose to pass it. I don't know if this will make Biden change his mind
🔶 FIT-21: Formerly known as the "21st Century Financial Innovation and Technology Act", the goal is to provide a clear framework for the classification of digital assets, such as which are "securities", which are "commodities", which are regulated by the SEC, and which are regulated by the CFTC
FIT-21 Act = Congress disagrees with Gary Gensler's attitude that "cryptocurrency does not need a separate bill" and believes that cryptocurrencies need to be given enough regulatory transparency. This bill will be discussed and voted on in the House of Representatives tomorrow, and the voting results will be available on 5/23 at the latest
🕵️ Apart from the bill itself, I want to see whether Biden, the Democratic Party, and the SEC's attitude towards the cryptocurrency circle will be shaken by the results of the election polls. According to the latest US polls, Trump has been ahead of Biden, and the ruling party's regulatory attitude towards the cryptocurrency market is likely to open this gap
The US regulatory attitude towards the cryptocurrency market has always been one of the fundamentals I focus on observing. If this election can make the cryptocurrency market more transparent, it will definitely be a good thing for future development
