US Crypto Industry Sees Significant Progress in Bipartisan Regulation Efforts

Last week, the US passed several regulations related to crypto and digital assets, including the Financial Innovation and Technology for the 21st Century Act (FIT21), the SEC Staff Accounting Bulletin 121 (SAB121), and the CBDC Anti-Surveillance Act. These regulations aim to provide regulatory clarity and consumer protection for the industry, while also expanding the role of the Commodity Futures Trading Commission (CFTC) and reining in the Securities and Exchange Commission's (SEC) oversight. However, the proposed SAB121 directive has raised concerns about the cost of participation in the crypto and digital assets markets, and there is still much work to be done in developing regulatory frameworks that support responsible innovation. The market is now waiting for the final SEC approval of the ETH ETF.