A cultural and political shift in Washington is suddenly favoring blockchain technology, one of the most important internet innovations of the last 15 years. Blockchains—the uses of which include but aren’t limited to cryptocurrency—recently received bipartisan support in both chambers of Congress.
On May 23, the SEC approved exchange-traded funds (ETFs) for the spot market for a type of cryptocurrency known as Ethereum. It was the second type of ETF after Bitcoin bringing crypto exposure to traditional investors and authorized by the SEC, crypto’s most incredulous regulator. The same week, the House passed FIT21, a bill meant to provide regulatory clarity for the digital currency industry, which has begged for a decade for clear guidance on how to operate within U.S. law.
