tl;dr
The Biden administration has opposed H.R. 4763, calling for a balanced regulatory framework for cryptocurrencies. The Senate overturned SEC rule SAB-121, and the House is considering the FIT21 Act for crypto regulation. The potential approval of Ethereum ETFs by the SEC indicates a shift in favor of...
Biden administration opposes H.R. 4763, calls for balanced crypto regulation
The Biden administration has opposed H.R. 4763, calling for a balanced regulatory framework for cryptocurrencies. The Senate overturned SEC rule SAB-121, and the House is considering the FIT21 Act for crypto regulation. The potential approval of Ethereum ETFs by the SEC indicates a shift in favor of cryptocurrencies. The Trump campaign accepts donations in Bitcoin and other cryptocurrencies, marking a significant move in embracing digital assets for fundraising. The evolving landscape of digital assets in politics and regulations is likely to be further shaped by the upcoming elections. The total crypto market cap is valued at $2.5 trillion. In the lead-up to the November elections, cryptocurrencies have become a prominent topic in the race for the White House. Notably, the Biden administration has changed its approach to digital asset regulation, likely influenced by former President Donald Trump’s support for the nascent industry.
BIDEN ADMINISTRATION CALLS FOR BALANCED CRYPTO REGULATION
In an executive release, the Biden administration opposed the passage of H.R. 4763, a bill that would impact the regulatory structure for digital assets in the United States.
Instead, the administration aims to collaborate with Congress to establish a “comprehensive and balanced” regulatory framework that promotes responsible development and innovation in the crypto assets and payment sectors. The administration also cited the lack of sufficient protections for consumers and investors in H.R. 4763 and emphasized the need for adequate guardrails while fostering innovation.
SENATE AND HOUSE OVERTURN SEC RULE
The Senate also recently voted to overturn Staff Accounting Bulletin 121 (SAB-121), an SEC rule that imposed burdensome accounting standards on cryptocurrency assets held by financial institutions. This decision followed the House’s approval of the same pro-crypto measure.
Additionally, the House is set to consider the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill to establish a regulatory regime for the crypto industry in the United States. The potential approval of spot exchange-traded funds (ETFs) for Ethereum by the US Securities and Exchange Commission (SEC) further indicates a shifting tide in favor of cryptocurrencies.
TRUMP CAMPAIGN CHAMPIONS FINANCIAL FREEDOM
While blockchain technology remains a bipartisan focus, the Trump campaign has made a noteworthy move by announcing its acceptance of donations in Bitcoin and various cryptocurrencies. This marks a significant milestone as the first major party Presidential nominee to embrace cryptocurrency for fundraising purposes.
The campaign integrates digital assets such as Bitcoin, Ethereum, Ripple, Dogecoin, and Shiba Inu, allowing donations through Coinbase Commerce. The Trump campaign’s foray into cryptocurrency fundraising expands its digital fundraising operation and serves as a political statement supporting Bitcoin and crypto’s role in enhancing financial freedom and innovation.
As the race to the White House intensifies, the Biden administration’s shifting stance on regulation and the Trump campaign’s embrace of digital asset donations highlight the evolving landscape of digital assets in politics and regulations. The upcoming elections are likely to shape further the trajectory of blockchain technology and its impact on the financial sector.
Crypto The 1-D chart shows the total crypto market cap’s valuation at $2.5 trillion. Source: TOTAL on TradingView.com. Featured image from Shutterstock, chart from TradingView.com