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Compilation: Blockchain Knight
As the value of BTC has soared, Wall Street turns around BTC like eagles, and the Crypto asset industry in the United States is holding his breath because Washington will conduct a key vote next week.
This voting is based on the “21st Century Financial Innovation and Technical Act” (FIT21), or the regulatory pattern of reshaping digital assetsEssenceAs a result, the industry may be welcome to join, or it is possible to step on the brakes for its recent blowout growth.
FIT21 proposes the US government to make significant changes in dealing with digital currencies.At present, the regulatory pattern is decentralized, and the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have the right to speak.
The FIT21 Act will establish CFTC as the main regulatory agency of Crypto assets, so that the industry can clearly understand the rules that they need to follow.
The bill will also set up a protective bar to protect consumers from risk -free violations and formulate agreements on how to hold these assets and handling methods in bankruptcy procedures.Essence
The BTC industry supports FIT21, saying that it is “vital” in the future of the US digital asset market.The lack of clear regulations has always been the main point of the industry, and some companies even threatened to completely abandon the United States.
The Crypto Asset Innovation Committee is worried that the United States will lag behind other countries in accepting BTC innovationEssence
In an open letter of a legislator, the Crypto asset industry said: “Through this legislation, we can speed up the development of blockchain technology and digital assets, promote financial inclusiveness, and protect national security.”
Recently, Wall Street giants have entered the field of Crypto assets, adding another mysterious color to the upcoming voting.
In January of this year, a large wave of spot BTC ETF was approved to open the door for Wall Street in the field of Crypto assets.These ETFs allow traditional investors to invest in BTC without the need to buy and hold Crypto assets by themselves.
But hosting these ETFs may cause huge amounts of costs, which makes some industry observers worry that the intervention of Wall Street may kill innovation.Essence
With the rise of BTC prices and pressure from the digital asset industry and Wall Street, the upcoming FIT21 Act voting is a watershed for American Crypto assets.
If it is obtained, the bill will create a new era of clear supervision and promote the development of the industryEssenceHowever, if the bill is rejected, the prospect of Crypto assets in the United States is still unclear, which may cause Crypto asset company to flow out and hinder innovation.
There are 10 days before the voting, and all the eyes are focused on Washington, because the legislators will decide whether to open their arms to welcome Crypto assets or refuse them.
