Markets
House of Representatives Passes Broad Crypto Bill FIT21 – DL News
- The crypto regulation bill passed in a bipartisan vote in the United States House of Representatives.
- The FIT21 bill promises to give commodity regulators greater oversight over digital assets.
- The bill may not make it to the next stage in the Senate.
- President Joe Biden does not support the bill but has said he would not veto it.
The US House of Representatives has voted to pass a landmark crypto bill as digital assets become a political football just months before the presidential election.
The Republican Financial Innovation and Technology for the 21st Century Act, known as the FIT21 Act, passed with a bipartisan vote of 279 in favor and 136 against.
Notably, 71 Democrats supported the bill, including former House Speaker Nancy Pelosi. Another 133 voted against.
Among Republicans, only three voted against. Another 208 people supported the bill.
FIT21 promises to establish clear rules for digital assets long sought by the crypto industry.
Hours before the vote, the Biden administration declared itself against the bill, but did not threaten to veto it — a relief for the industry.
The bill would end the crypto “food fight for control” between the Securities and Exchange Commission and the Commodity Futures Trading Commission, said Republican Rep. Patrick McHenry of North Carolina, co-sponsor of the bill. law and chairman of the House Financial. Services Committee.
“This is the most important moment in crypto policy and legislation in U.S. history thus far,” said Rashan Colbert, head of policy at the open source software developer and platform. decentralized trading dYdX Trading. DL News.
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The FIT21 bill will then have to be adopted by the Senate. The looming election means priorities could change.
“There’s a good chance that progress will stop after this vote, but that doesn’t mean it’s a pointless exercise,” said Colbert, a former member of the U.S. Senate.
This progress is symbolically important, Colbert said, and shows political will to regulate the digital asset market. It also creates a reference point for bipartisan agreement on how to regulate crypto.
And even if the bill doesn’t pass in its current form, its provisions could end up in other laws.
What’s in the bill
The bill is tailored to digital assets and provides an unprecedented framework for the industry. It was removed from the House Financial Services and Agriculture committees with bipartisan support in July.
FIT21 establishes definitions for crypto assets and divides responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The rules would give the CFTC, seen as more industry-friendly, more jurisdiction over the sector. The definitions determine whether an asset would be subject to SEC or CFTC oversight.
Decentralized finance does not fall within the scope of the bill.
The rules would provide “an increased level of comfort knowing that we have the explicit authority to continue doing what we’re doing, which is really all we want at the moment,” Colbert said.
The vote follows another political victory for crypto. Last week, the U.S. House and Senate voted to repeal the SEC’s controversial accounting guidelines, called SAB121.
At the same time, the industry expects regulators to approve Ethereum spot exchange-traded funds.
More negative reactions
The White House wrote in a brief Wednesday, the bill “in its current form does not have sufficient protections for consumers and investors who engage in certain digital asset transactions.”
But the White House notably said it would work to develop a regulatory framework for digital assets with Congress.
Democratic Rep. Maxine Waters of California called FIT21 “a wish list of big cryptocurrencies and does not deserve any of our support.”
The bill’s impact isn’t limited to crypto, Waters said Wednesday.
FIT21 would move crypto as well as some traditional securities from SEC oversight to a “regulatory no man’s land, without a primary regulator,” she said. She called it “the worst and most harmful proposal I’ve seen in a long time” and predicted a recession if it passed.
So does Massachusetts Democrat Stephen Lynch, who called it “a radical rewrite of this country’s securities laws.”
As crypto markets and traditional financial markets begin to merge, he predicted that volatility in the crypto market would lead to disaster in the traditional financial market.
“This will ultimately wreak havoc on our financial markets,” Lynch said.
While Wednesday’s comments also fell along party lines — with Republicans supporting the bill and Democrats urging their colleagues to vote “No” — several Democrats expressed support.
Rep. Wiley Nickel, a North Carolina Democrat, said the U.S. was “relying on a 90-year-old securities law that was written before the Internet was even invented.”
“We can’t wait for the next FTX to act,” he added.
SEC Chairman Gary Gensler, seen as an enemy of the industry, said the bill poses a risk to markets and investors.
FIT 21 “would undermine decades of precedent for oversight of investment contracts, exposing investors and capital markets to immeasurable risks,” Gensler said in a statement. statement Wednesday.
The SEC has charged key players in the industry, including ConsenSys, Coinbase, KrakenAnd Robinhood Marketplace crypto companies, with securities violations.
Industry experts say the SEC’s requirements are not enforceable or designed for issuers of digital assets.
“For too long, the U.S. digital asset ecosystem has been plagued by regulatory uncertainty that has stifled innovation and left consumers unprotected,” McHenry said in a statement. statement earlier this month.
Industry Support
“The lack of clear rules leads to market confusion for businesses and leaves users and consumers unprotected,” says the Blockchain Association. wrote in a letter to Senate lawmakers Monday.
“This lack of clarity hinders innovation and cripples businesses, hurting America’s position in the global technology race.”
In a statement after the vote, Kristin Smith, CEO of the Blockchain Association, called the bill’s passage “a watershed moment and congressional validation for the crypto industry in the United States.”
Last week, dozens of crypto companies – including Coinbase, Andreessen Horowitz and Kraken – sign an industry letter organized by the Crypto Council for Innovation in support of FIT21.
“The United States lags behind other major jurisdictions in developing a regulatory framework for digital assets,” the letter said, adding that American innovators may migrate elsewhere.
“It is crucial that the United States maintains its leadership in financial innovation. »
McHenry echoed that sentiment Wednesday.
“We are lagging behind Europe,” he said. “This bill catches up [us] so that we do not lose out on innovation policy to the Europeans, the British, Singapore, Japan and Hong Kong.
Update, May 22: This story has been updated to include the partisan divide in Congress’s vote for FIT21 and a statement from Kristin Smith, CEO of the Blockchain Association.
Inbar Preiss is DL News’ regulation correspondent. Contact the author at inbar@dlnews.com. Aleks Gilbert is DL News‘ DeFi correspondent based in New York. You can reach him at aleks@dlnews.com.
Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.
Top Winners
Jupiter
Jupiter (JUP) led the charge among the biggest gainers on July 27.
At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.
JUP Hourly Price Chart, July 26-27 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.
Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.
In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.
JasmyCoin
JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.
JASMY Hourly Price Chart, July 26-27 | Source: crypto.news
The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.
JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The initiative was launched by Kunitake Ando, former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.
Kaspa
Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.
KAS Hourly Price Chart, July 26-27 | Source: crypto.news
According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.
Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.
Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.
Bonk
Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.
BONK Hourly Price Chart, July 26-27 | Source: crypto.news
BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.
Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.
Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.
BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.
The big losers
Bittensor
Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.
At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.
TAO 24 Hour Price Chart | Source: CoinGecko
Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.
Mantra
Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.
OM Price Hourly Chart, July 26-27 | Source: crypto.news
Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.
Coat
Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.
MNT Hourly Price Chart, July 26-27 | Source: crypto.news
Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.
Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.
Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.
Markets
Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?
Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.
Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000
The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.
On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.
Bitcoin Price | Tradingview
In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.
He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.
Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.
However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.
A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.
On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.
Technical indicator:
- Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
- Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.
Related Articles
Frequently Asked Questions
A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.
The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.
Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.
Markets
Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
- Sygnum says it has reached profitability after increasing transaction volumes.
- The Swiss crypto bank does not disclose specific profit figures.
Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.
Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.
He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”
Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.
Markets
Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity
Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.
In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.
“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…
“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”
Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.
“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of regulating it fairly. I think we’re there now.”
The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.
“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”
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