FIT21’s bipartisan support suggests a potential shift in U.S. crypto policy, while investors are focused on long-term trends despite political uncertainty.
Crypto venture capitalists are seeing a “change in political tenor” in the United States but still anticipate that the November election’s results could have major implications for the industry.
The improved atmosphere surrounding crypto companies was apparent during the swift approval of spot Ethereum exchange-traded funds (ETFs) in May. At the time, the market’s confidence in the green light from regulators rose from 6% to effectively 100% in a matter of two weeks.
Another major move came from Congress. Also in May, the House of Representatives passed the 21st Century Act (FIT21) with bipartisan support. The bill seeks to clarify government agencies’ role in regulating digital assets, a long-overdue demand from crypto companies.