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Congress Moves Toward Comprehensive Crypto Regulation

Bipartisan support grows as lawmakers aim to establish clear guidelines for the cryptocurrency industry.

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Overview

  • The House will vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) to create a regulatory framework for crypto.
  • The Senate voted to overturn SEC's Staff Accounting Bulletin 121, which imposed strict accounting standards on crypto assets.
  • President Biden has threatened to veto the repeal of SAB-121 despite bipartisan backing.
  • The SEC is considering approval of spot ether ETFs, following earlier approval of Bitcoin ETFs.
  • Consensus 2024 will feature key policymakers discussing the future of crypto regulation.