Top CEO Bets on a Shock Biden Crypto Flip as Congress Rushes to a ‘Crucial’ Vote That Could Inflate the Price of Bitcoin, Ethereum and XRP

Update from 20/05 below. This post was originally published on May 18

Bitcoin
Bitcoin
and cryptocurrencies, including the major coins ethereum and XRP
XRP
– are primed for a game-changing vote next week in Washington (even as a Bitcoin storm brews on Wall Street).

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The bitcoin price has skyrocketed 10% in the past week, climbing back to $70,000 per bitcoin and pushing up the price of ethereum, XRP and other cryptocurrencies as Twitter founder Jack Dorsey reveals his plan to inflate the bitcoin price.

Now, after Shark Tank billionaire Mark Cuban issued a stark warning to President Joe Biden about crypto, US lawmakers are on the eve of a landmark vote on crypto that some of the largest crypto companies have called “critical” to the future of the American industry.

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Forbes‘Voters will be heard’ – Billionaire Mark Cuban strongly warns Joe Biden about Donald Trump’s new ‘weapon’

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 determine which parts of the bitcoin and crypto market are regulated by the Securities and Exchange Commission (SEC).

It would also set up guardrails against risky behavior and provide consumer protections for the custody of cryptocurrencies and how they should be handled in the event of bankruptcy.

“By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, promote financial inclusion, and protect national security,” said the Crypto Council for Innovation, a coalition of crypto companies and organizations that includes major exchanges Coinbase and Kraken belong. as investor Andreessen Horowitz and the sprawling Digital Currency Group crypto empire wrote in an open letter to lawmakers. “It is critical that the U.S. maintain its leadership in financial innovation.”

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

This week, Congress overturned an SEC crypto accounting policy that had prevented Wall Street’s largest banks and similar tightly regulated financial firms from taking custody of bitcoin and other cryptocurrencies, with the resolution gaining support from a dozen Democrats, despite President Joe Biden’s promise to vote for it if it reaches his desk.

“This is a big deal,” Noelle Acheson, author of the Crypto is Macro Now newsletter, wrote in a note. “At the risk of joining too much in the crypto echo chamber’s merriment, this feels like a political signal indicating a widening rift within the Democratic party.”

President Biden now has about 10 days to veto the bill or sign it once it reaches his desk. If he fails to veto it, it will be passed into law without his signature.

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

“I am 90% confident that Joe Biden will back down from the SAB 121 veto threat this week,” said Ryan Selkis, the CEO of crypto data company Messari, who recently endorsed Trump over his support of the crypto industry. Posted to X, adding that he believes Democrats “are losing [an] enormous amount of political capital over an ‘accounting rule’.”

Trump, which suddenly sent the price of a small cryptocurrency soaring this monthAlso announced that it will start accepting donations from crypto campaigns.

Trump’s Sudden 180 Degree Turn on Bitcoin and Cryptocurrencies culminating in a Mar-a-Lago event that week, in which he told attendees “if you’re for crypto, you better vote for Trump” and “the Democrats are very much against it,” comes after him declared he was not a fan of bitcoin or crypto in 2019.

Trump’s comments were described by Politico as a “new weapon against Biden,” and track how the former president has sold several collections of digital trading cards to his supporters over the past two years using cryptocurrency.

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Forbes‘Voters will be heard’ – Billionaire Mark Cuban strongly warns Joe Biden about Donald Trump’s new ‘weapon’

Sen. Cynthia Lummis, a Wyoming Republican and crypto supporter who pushed for the resolution in the Senate, said the bulletin was “a disaster” that failed to protect consumers.

“This is a victory for financial innovation and a clear rebuke of the way the Biden administration and Chairman Gary Gensler have handled crypto assets and marks the first time both houses of Congress have passed standalone crypto legislation” , Lummis said in a statement.

The bulletin has been thrust into the spotlight by January’s approval of a fleet of Wall Street spot bitcoin exchange-traded funds (ETFs) that have created the possibility of huge fees for crypto custodians.

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

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