Bitcoin price is seeking a new peak and hovering around the highest point in 40 days. Altcoins are showing positive momentum. SOL Coin surpassed $180, and CHZ and others are recovering. However, this week holds more significance than just prices in crypto.
The Most Important Week in Crypto
Ron Hammond from the Blockchain Association describes this week exactly as such. He is not wrong in calling it the most important week for Congress and crypto, as many significant events will occur within a few days. Congress acted against SAB 121, and with 60 votes in favor, this objection reached Biden. However, President Biden will decide on this by May 28.
Hammond wrote the following on this matter;
“Biden had announced he would veto the bill before the House vote, but considering many top Senate Democrats voted in favor, the White House is in a bind. SAB 121 is a rare bipartisan bill supported by 33 Democrats.”
Crypto Voting FIT21
Finally, that week has arrived. After several years, dozens of bills, and numerous hearings, the House will vote on a crypto regulatory framework. Debates will start on Wednesday, and before Thursday ends, the vote on the Financial Innovation and Technology Act for the 21st Century (FIT21) will take place.
“Given that the SEC’s arguments for not having a crypto framework are invalid, this bill is likely to receive significant bipartisan support. Just a year ago, the SEC claimed the rules were clear, no need to update laws, and they hadn’t lost any crypto cases in court.
Today, the SEC has lost several court cases, overlooked bad actors like FTX, and got involved in several high-profile crypto cases. Many new to crypto in Congress may not know much, but they know the status quo isn’t working.”
Spot ETH ETF Decision
Likely on the same day as FIT21, the SEC will decide on the ETH ETF for Ark Invest and VanEck. This will be the third major development. The crypto sector, which had to sue and win for Spot Bitcoin ETF approval, knew an easy approval was unlikely, but the SEC has been making legal moves specific to Ethereum for weeks. This signaled a rejection well before the final decision date.
Ron Hammond lastly said;
“The Biden Administration has three chances this week to show their stance on crypto. Many didn’t think crypto would be an election issue, but it has become one, and polls show it’s a topic many young Americans care about. This means voters who supported Trump. A bill on the President’s desk, a crypto regulatory framework vote in the House, and the SEC deciding on an ETF make for a truly busy week…”
