The United States Congress voted two pro-crypto legislation in May, breaking years of political deadlock. This unexpected shift saw leading Democrats defy the White House's stance, suggesting a growing acknowledgment of the crypto industry's influence. The passage of the legislation suggests a major political realignment.
In a surprising political turn, U.S. Congress passed two pro-crypto legislation in May, indicating a significant bipartisan shift. This article explores the impact of this shift on the 2024 presidential election and the growing influence of crypto voters.
Key Points
Historic Legislation Passage: The U.S. Congress passed two pieces of pro-crypto legislation, marking a significant victory for the crypto industry and its advocates.
Bipartisan Support: The support for these legislations came from both sides, with prominent Democrats joining Republicans in backing the bills. This bipartisan cooperation signals a notable shift in political dynamics regarding cryptocurrency.
Key Legislation Details:
SAB-121 Overturned: A bipartisan coalition of 60 senators, including Democratic Majority Leader Chuck Schumer, voted to overturn the SEC rule SAB-121, which previously made it difficult for banks to hold cryptocurrencies for customers.
FIT21 Act Passed: The Financial Innovation and Technology for the 21st Century (FIT21) Act, led by Republicans and supported by 71 Democrats, allows cryptocurrency projects to certify their tokens as commodities, moving regulatory oversight from the SEC to the Commodity Futures Trading Commission.
Political Implications: These legislative victories highlight the growing political power of the crypto community. Observers note that the Democrats' shift in stance may be an attempt to prevent losing votes in the upcoming election.
Pressure on the White House: The unexpected bipartisan support for pro-crypto legislation has put pressure on the White House. Some believe the Biden administration may reconsider its opposition to crypto-related bills in response to political pressure and public sentiment.
Crypto Voters' Influence: The increasing political clout of crypto voters is evident. Their desire for clear regulatory frameworks could sway both congressional races and the presidential race, especially in key battleground states.
The recent pro-crypto legislative developments in the U.S. Congress mark a significant shift in the political landscape. As both parties recognize the growing influence of crypto voters, the 2024 presidential election could see further shifts in political strategies to accommodate the crypto community's interests. This newfound bipartisan support for cryptocurrency legislation underscores the industry's rising importance and its potential to shape future political outcomes.
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Source: Cointelegraph
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