Positive change gears for the cryptocurrency industry as the US House of Representatives passed the ‘Financial Innovation and Technology for the 21st Century Act’, commonly referred to as the FIT21, with such a margin that it turned into a decree with a 279 to 136 vote. This much-needed bill seeks to provide a legal framework distinctively tailored to govern digital asset trading platforms. However, the bill obtained substantial support from House Democrats, but it is rare to witness such aligned cooperation between Democrats and Republicans in the crypt policy space.
This bill is considered the biggest Congressional win for the crypto industry in terms of legislation passed. The next challenge that FIT21 is facing is in the Senate, about which it still has no clear face. At present, there is no companion bill in the Senate and it remains doubtful whether the opportunity for such endeavor is feasible.
The United States has not been as swift as other countries in setting cut-and-dry crypto regulation policies, while this House approval is a major advancement, the execution of these policies is still yet to be fully realized. Representative Josh Gottheimer, noted the satisfaction of clear rules, stating the legislation was well-reasoned, thoughtful, bipartisan, and had stressed the need for cooperation among lawmakers in order to become a law.
The final vote for the bill was 208 members of the Republican Party in favor of the bill, 71 members of the Democratic Party supporting the bill, 3 members of the Republican Party opposing the bill, and 133 members of the Democratic Party opposing the bill. Joe Biden did not support the bill but also did not make any attempts to veto the act, unlike his action concerning another bill related to cryptocurrencies and the SEC. One of the securities entrepreneurs’ key opponents was SEC Chair, Gary Gensler who also opposed the bill citing that it was useless and if implemented would weaken other securities laws.
The proposed bill— known as the Financial Innovation Through Thrift, or FIT — was initiated by House Republicans and seeks to act as the regulatory blueprint for the US crypto markets. It seeks to safeguard consumers, establish the CFTC as the go-to self-regulatory agency for non-security cryptocurrencies, and dissipate confusion surrounding the definition of cryptos as securities or merchandise. Criticism came from many individuals, and some of them include Democratic Congresswoman Maxine Waters who argued that this bill would give an opportunity to cryptocurrencies to avoid existing securities laws and also would benefit the individuals who engaged in unlawful activities in the past.
Speaker after speaker Republican and Democrat took the floor to debate amendments on the House’s final vote on the bill. While Republicans in the House of Representatives passed most of the bills, one was proposed by Democratic Representative of Texas, Greg Casar to lower a Crowdfunding exemption from $75 million to $5 million.
In conclusion, the crypto industry has received its potential legal framework within the United States House after multiple attempts, rendering the advancement of groundbreaking legislation. However, its journey is not as smooth as it is to navigate through a bumpy road in the Senate. The bill underscores the desire to set the right tone on regulations, over and above the dynamically shifting domain of crypto.
Pizza for Crypto? Binance Celebrates Bitcoin Pizza Day with a Global Giveaway!
A programmer named Laszlo Hanyecz 2010 made history by selling 10,000 bitcoins to purchase two pizzas making it one of the first deals done using bitcoins. Exactly fourteen years later, the biggest cryptocurrency exchange platform in the world is actually called Binance, and to mark this occasion they are currently holding a worldwide pizza delivery giveaway of over five thousand pizzas to delighted crypto traders and buffs.
As it is widely known, Binance is one of the biggest cryptocurrency exchanges on the globe, with offices and franchises all over the world, but it devotionally celebrated Bitcoin Pizza Day as well.
To mark Bitcoin Pizza Day, Binance held BTCBD from May 17 to May 22. It spans over 20 countries and five continents. Based on this communication between Binance and Bitcoin, the exchange of their tokens should be possible in the future. com News, the campaign will involve pizza parties to different homes, custom-made pizza, and branded Binance pizza vans, and the final part will be Binance branded scooters with pizzas. There will also be deliveries by some of the most prominent and well-known figures of the Crypto community.
In its essence, the purpose of this campaign is to provide entertaining and enjoyable activities for those who use cryptocurrencies and for people who have never interacted with this form of digital money. On May 22, 2010, one Laszlo Hanyecz bought two Papa John’s pizzas for 10,000 bitcoins; this was the first time that bitcoin was used to buy something real. That being said, Bitcoin Pizza Day is now celebrated all over the world each year. Speaking to ADS, Rachel Conlan, the Chief Marketing Officer for Binance aimed at the significance of this event.
Conlan says, “We know our users and traders are busy, so we are taking the celebration to them. ” It’s also important to note that this initiative is not just about promotional stands and giveaways but also about embracing the technology’s real-world application and catering to the demands of traders.
In his book, Successful Teaching Strategies for All Students, Allan G. Loughead speaks of ‘engaging activities’ coupled with ‘fun challenges’.
The current Binance campaign is a global approach to both active and inactive users who have not ventured out to explore other blockchain activities. The Binance games presented at the event would be entertaining trivia activities such as Topping Toss, Token Twister, and The BTD (Buy The Dip) Limbo Bar in which attendees will grab a chance to get their hands on Binance branded items.
The celebrations are to begin in various places such as Thailand, Paris, Dubai, Australia, Mexico, Brazil, Argentina, and lots of other famous cities.
Binance sought to organize the celebration of Bitcoin Pizza Day in such a grand manner in order to demonstrate the use and application of cryptocurrency in the real world and for the commemoration of this year’s event to be a unique and pleasant experience for all the participants of the cryptocurrency community.
Will Trump’s Embrace of Crypto Donations Change the 2024 Election Game?
Donald Trump’s presidential campaign stated today that it would open its doors to digital currency contributions following a plan to assemble a cryptocurrency community that pushes for Trump’s victory in the November election. This action is evidence of Trump-supporting crypto and serves as an appeal to young male voters who are offered entry into the world of digital currency.
New Fundraising Strategy
Trump’s campaign created a web page to accept contributions in different digital currencies through the Chevron company Coinbase. Here, any qualified contributor can donate any recognized digital assets to Trump’s political committees.
Appealing to Crypto Enthusiasts
The announcement of the campaign corresponds with the new message preached by Trump that is friendly to cryptocurrencies. It will again; seek association with the crypto community by accepting digital currencies such as Bitcoin, Ether, and US Dollar Coin, among others, and meme coins such as the Shibersear Coin and Dogecoin. For instance, Dogecoin and Shiba Inu Coin have found a place in epicenters like Elon Musk.
It is still not clear whether the Trump campaign continues to keep the received cryptocurrencies to themselves or if the donations are cashed out instantly, and, what are costs with such a process. Even though promoting anonymous cryptocurrencies raises some queries on identification procedures, the campaign is confident it will follow the laws regulating elections in the United States. The Federal Election Commission has announced that political committees are allowed to accept Bitcoin as contributions, but they value the Bitcoin based on its market price as of the date it has been donated.
Previous Crypto Ventures
Trump has also tweeted about cryptocurrencies several times before and has recently been involved in crypto products such as the Trump Digital Trading Cards (NFTs), and a MAGA coin launched last August, which have been very profitable for him.
Crypto as a Nonpartisan Instrument
Julia Krieger, a spokesperson for Coinbase, stressed to emphasize that citizens from various political affiliations use cryptocurrency for faster and cheaper transactions. This is the stance Coinbase has taken regarding its platform in the current election season.
Comparative Campaign Fundraising
Even though some states still bar the acceptance of crypto donations in state races, federal law allows it. In this regard, Trump is not the only candidate who uses cryptocurrencies; for example, Robert F. Kennedy Jr., an independent candidate, accepts Bitcoins. As far as the annual traditional fundraising is concerned, Biden and DNC said they raised at least $51m in April, and Trump and RNC, $76m for April alone.
This action by Trump’s campaign team is symptomatic of the increasing entrenchment of politics in digital currencies, with the intent of winning the support of the crypto-space in the election process.
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