In addition to this, he assures cryptocurrency investors of increased autonomy and a decrease in legal scrutiny. Simultaneously, the endorsement of the ETH ETF seemed to appear out of nowhere, almost as if Biden had instructed the SEC to grant approval. Meanwhile, the FIT21 bill successfully navigated through the House of Representatives. A vital aspect of this proposal was the empowerment of the CFTC to classify certain altcoins as commodities. However, even if it manages to pass the Senate and gain Biden’s support, it could still take several years to effectively establish and enforce the regulations.
