The Financial Innovation and Technology for the 21st Century (FIT21) bill passed the US House of Representatives on Wednesday with a significant 278 to 136 majority.
In a stunning move, 71 Democrats joined the Republicans to vote ‘Yes’ on the bill, including former Speaker of the House Nancy Pelosi, Democratic Whip Katherine Clark and Chair of the House Democrats Pepe Aguilar.
US President Joe Biden has shown no inclination to Veto the bill, even though he has vocally opposed its passage.
If and when the FIT21 becomes a law, it would very likely be the biggest victory for the US cryptocurrency market and the worst blow to the SEC’s anti-crypto agenda.
FIT21 passes the House 279 - 136 🎉House Democrats voting in favor of this bill: 71.That is a *huge* number of elected Democrats voting "no confidence" in the current SEC, and sending a message to the Biden administration that "anti-crypto" is a losing platform this year. pic.twitter.com/zmlD1VRQfF
— Jake Chervinsky (@jchervinsky) May 22, 2024
Why The FIT21 Could Kickstart The Next Crypto Bull Run?
The stage is already set for the next crypto bull run, especially with the spot Ethereum ETF approval appearing imminent. The US Federal Reserve has already started pivoting to a dovish stance, another decidedly bullish outcome for the crypto market.
Now, the FIT21 delineates when the SEC and CFTC will have jurisdiction over matters relating to the crypto industry. More importantly, it declares that any crypto asset that secures a sufficient level of decentralization will be viewed as a commodity and would not be under the purview of the SEC’s antagonistic agenda.
Therefore, the FIT21 bill becoming law could be the last domino to fall that kickstarts the next crypto bull run.
3 Cryptocurrencies to Watch After FIT21
Ethereum and Solana are two of the most important cryptocurrencies to watch after FIT21, especially since the SEC will now be forced to clarify its stance on them.
FIT21 has given a boost to the Solana ETF hype, which could be a massive bullish catalyst for Solana meme coins such as Sealana.
Ethereum (ETH)
Ethereum tops our list of 3 cryptocurrencies to watch after FIT21, considering its crucial role in starting the altcoin bull run.
The SEC now appears poised to approve all spot Ethereum ETFs, which experts believe could catapult the ETH price to north of $6,000 in the coming months.
Now, the FIT21 could force SEC chairman Gary Gensler to clarify his stance on Ethereum, something he has been hesitant to do in the past. Consensys’ lawsuit against the SEC has revealed that the Commission is itching to label ETH as a security.
However, finance lawyer Jake Chervinsky believes that the SEC may be looking to abandon its claims, as revealed by the “Commodity-Based Trust Shares” structure of the Ethereum ETFs.
In such a scenario, the Ethereum price could break through what little resistance remains and start the altcoin season.
Solana (SOL)
Solana is another important crypto to watch, especially since spot Solana ETFs could be next to receive the SEC’s green light.
Bloomberg ETF analyst James Seyffart has revealed that market structure bills such as FIT21 could accelerate the spot Solana ETFs.
The Solana Foundation is sure to claim that SOL meets the necessary level of decentralization to qualify as a commodity. A more favourable SEC - potentially under the Trump administration - could grant SOL its non-security status.
Spot Solana ETFs could drive massive institutional investment, which could result in the SOL price reaching $1000 during the next bull run.
Sealana (SEAL)
Solana meme coins are sure to receive a strong boost from the intensifying SOL ETF hype.
Meme tokens remain strongly correlated with their native tokens during this bull run. With SOL expected to reach $1000, it would not be a surprise to see an even higher number of Solana meme coins deliver 100x returns.
As a case in point, experts believe that Sealana could be the next 100x meme coin.
The demand for this new token is evident in its presale stage, considering it has already raised over $2.5 million in the first few weeks.
Smart-money traders are not hesitant to invest in meme coins that can make them laugh. Sealana’s hilarious mascot - an overweight redneck seal who is only concerned about finding the next big Solana meme coin - has therefore caught their attention.
On the other hand, retail investors are also bullish on the new meme coin due to its simplicity. For instance, they can buy $SEAL during its presale, simply by sending SOL tokens to the project wallet. Alternatively, they can use the over-the-counter widget on the Sealana website.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
