Update 5/20 below. This post was originally published on May 18

Bitcoin
Bitcoin
and cryptocurrencies – including major coins ethereum and XRP
XRP
—are prepared for a revolutionary vote in Washington next week (even as a Wall Street bitcoin storm is brewing).

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The price of bitcoin has soared 10% in the last week, rising to $70,000 per bitcoin and boosting the price of ethereum, XRP and other cryptocurrencies as Twitter founder Jack Dorsey reveals his plan to increase the price of bitcoin.

Now, after Shark Tank billionaire Mark Cuban issued a stern warning to President Joe Biden about cryptoUS lawmakers are on the brink of a historic vote on cryptography that some of the biggest crypto firms have called “crucial” to the future of the US industry.

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Forbes ‘Voters Will Be Heard’ – Billionaire Mark Cuban Issues Severe Warning to Joe Biden About Donald Trump’s New ‘Weapon’ By Billy Bambrough

US President Joe Biden has vowed to block the game-changing encryption bill, with another described as… [+] “crucial” to the price of bitcoin, ethereum, XRP and crypto by some of the biggest crypto firms.

AFP via Getty Images

Next week, House lawmakers will vote on the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would promote the Commodity Futures Trading Commission (CFTC) to a major crypto regulator and define which areas of the bitcoin market and Cryptocurrencies are supervised by the Securities and Exchange Commission (SEC).

It would also establish barriers against risky behavior and establish consumer protections for the custody of cryptocurrencies and how they should be treated in the event of bankruptcy.

“By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, promoting financial inclusion and protecting national security,” said the Crypto Council for Innovation, a coalition of crypto companies and organizations that includes major exchanges Coinbase and Kraken. as investor Andreessen Horowitz and the vast crypto empire Digital Currency Group wrote in an open letter to legislators. “It is crucial that the US maintains its leadership in financial innovation.”

Some crypto companies have threatened to pull out of the US entirely due to a lack of clear rules and regulations on crypto, with industry leaders complaining that there is no permitted route to market for crypto financial products.

This week, Congress struck down an SEC crypto accounting policy that prevented companies like Wall Street’s biggest banks and similarly regulated financial firms from holding bitcoin and other cryptocurrencies, with the resolution gaining the support of a dozen Democrats despite the pledge of President Joe Biden to vote if it reaches your desk.

“This is a big deal,” wrote Noelle Acheson, author of the Crypto is Macro Now newsletter, in a note. “At the risk of believing too much in the joy of the crypto echo chamber, this seems like a political signal that suggests a deepening divide in the Democratic Party.”

President Biden now has about ten days to veto the bill or sign it once it reaches his desk. If he doesn’t veto it, the law will be passed without his signature.

Update 5/20: Some think Biden could reverse the promised veto due to former president and 2024 Republican nominee Donald Trump’s recent support for encryption.

“I’m 90% sure Joe Biden will drop his SAB 121 veto threat this week,” said Ryan Selkis, chief executive of crypto data firm Messari, who recently endorsed Trump due to his support for the crypto industry. posted to X, adding that he believes Democrats “are losing [an] enormous amount of political capital on an ‘accounting rule’.”

Trump, which caused the price of a small cryptocurrency to suddenly rise this monthalso announced that it will begin accepting donations from crypto campaigns.

Trump’s sudden U-turn on bitcoin and cryptocurrencies, culminating in an event at Mar-a-Lago that week in which he told attendees “if you’re for crypto, you better vote for Trump” and “the Democrats are totally against it.” comes after he declared he was not a fan of bitcoin or crypto in 2019.

Trump’s remarks were described by Politico as a “new weapon against Biden” and follow the former president selling multiple collections of digital trading cards to his supporters using cryptocurrency over the past two years.

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Forbes ‘Voters Will Be Heard’ – Billionaire Mark Cuban Issues Severe Warning to Joe Biden About Donald Trump’s New ‘Weapon’ By Billy Bambrough

The price of bitcoin has soared over the last year, pushing bitcoin, ethereum, XRP and other… [+] cryptocurrencies back in the spotlight.

Forbes Digital Assets

Senator Cynthia Lummis, a Wyoming Republican and crypto advocate who pushed for the resolution in the Senate, said the bulletin was “a disaster” that did not protect consumers.

“This is a victory for financial innovation and a clear rebuke to the way the Biden administration and President Gary Gensler have handled crypto assets and marks the first time both chambers of Congress have passed independent crypto legislation,” Lummis said in a communicated.

The bulletin gained prominence with the approval of a fleet of Bitcoin exchange-traded funds (ETFs) on Wall Street in January, which created the possibility of huge fees for crypto custodians.

The long-awaited bitcoin spot ETFs were only approved by the SEC as a result of a court order.

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