The House of Representatives voting overwhelmingly in favor of a crypto market structure bill is an interesting prelude to CoinDesk's annual conference. We'll be talking about these things in Austin this week.Recent passage of crypto bills – even if they don't become law – may herald a new era in how Washington, D.C. views the industry.Crypto industry participants have called for Congress to create new bright lines for how digital assets are regulated for years.
U.S. President Joe Biden announced he would veto the SAB 121 repeal, giving cover to Democrats to vote in favor of it, and the FIT21 bill has no real counterpart in the Senate, meaning voting for it can only boost Democrats among people who see being pro-crypto as a factor. In other words, while there is momentum now that didn't seem to exist last year, these bills also didn't come out of nowhere; Congress has been laying the groundwork for quite some time.
Contributing factors to these questions obviously include what Congress look like after the election, and whether there's more bipartisan work to be done on these issues or if either major party will have an edge in controlling the wheels of influence. Binance compliance chief Tigran Gambaryan remains detained in Nigeria, facing charges as a representative of the company he works for rather than for anything he is actually alleged to have done.