That’s not even the most significant news this week. There is a complete sea change in the Biden admin’s crypto policy:
Senate voted to roll back SEC’s crypto rule with bipartisan support. Schumer voted for the rollback, leaving Warren under the bus. Biden threatened to veto the bill but at the end didn’t do anything. He can sense the change in the political wind.
House passed crypto bill FIT21 with 71 Dem votes, including Nancy Pelosi. Never trade against Pelosi.
This morning the House passes a bill banning the Fed issuing its own digital currency.
And now the ETH ETF approval. A complete 180 change in just one week.
Bipartisan Passage Of FIT21 And The SEC’s Approval Of Ethereum ETFs Mark A Watershed Week
By Lorenzo Valente
Research Associate
Last week, the U.S. House of Representatives passed FIT21 (Financial Innovation and Technology for the 21st Century) Act, designed to provide the transparency, consumer protection, and legal clarity required to legitimize and grow the digital assets industry on American soil. In the face of well-publicized resistance from the SEC and the current administration FIT21 passed with bipartisan support: 279 votes in favor and 136 against the Act. This surprising win could be the first step toward a comprehensive regulatory framework for the crypto/digital assets industry.
As the House was tallying the votes for FIT 21, the SEC suddenly began engaging with Ethereum ETF issuers, suggesting that some or all the ETFs could be approved this week. Last Monday, the leading prediction market, Polymarket, gave 11% odds that the SEC would approve the Ethereum ETF applications. Things changed abruptly on Tuesday, when the SEC began engaging with the Ethereum ETF issuers on their 19b-4 filings. By 5pm EST on Thursday, the SEC had approved eight Ethereum ETFs.10
If FIT 21 makes its way to the US. Senate and Ethereum ETFs begin trading during the next few weeks, the digital assets industry seems poised for some of the greatest legislative breakthroughs to date. In the thick of the election year campaign season, the bipartisan support for digital assets is striking.