Crypto Bills Pass in House of Representatives, Signaling New Era for Industry in Washington, D.C.

The recent passing of crypto bills in the House of Representatives, while mostly symbolic, may indicate a change in how Washington, D.C. perceives the industry. The Financial Innovation and Technology for the 21st Century Act received bipartisan support, while a bill banning the U.S. Federal Reserve from issuing or exploring a central bank digital currency passed mostly along party lines. These developments, along with the SEC's approval of 19b-4 forms from exchanges hoping to list and trade spot ether ETF products, suggest a growing interest in crypto among lawmakers. However, it remains to be seen if this momentum will continue after the U.S. election in November. The SEC's approval of 19b-4 forms for exchanges hoping to list and trade spot ether ETF products is a significant development, but the agency still needs to approve the S-1 forms from issuers themselves to create the products. While some speculate that this indicates a shift in political attitudes towards crypto, it is important to remember that the SEC is an independent agency and any suggestion of political influence is concerning. The decision-making for the spot ether ETFs was informed by last year's court decision on spot bitcoin ETFs, according to SEC Chair Gary Gensler.