The latest news is that the Biden White House administration said that it refused to pass the 21st Century Financial Innovation and Technology Act (FIT21) in its current form.
I translated the original text of the document, and there are 4 key points in the document:
1. The executive branch opposes passing H.R. 4763 in its current form.
2. The executive branch believes that the bill lacks adequate protection for consumers and investors.
3. The executive branch is committed to working with Congress to develop a comprehensive and balanced regulatory framework for digital assets.
4. The executive branch believes that more time is needed to work with Congress.
Judging from these key points, no matter what the reason, Biden is currently reluctant to pass a bill to regulate the crypto market. In other words, at the level of consciousness, Biden believes that the passage of the bill at this moment is not conducive to the vote sentiment after the Ethereum ETF is passed.
However, through this point, it seems to have unilaterally increased the probability that the Ethereum ETF will pass tomorrow. At least from the legislative attitude, Biden currently hopes to increase the easing policy on the crypto market.
