BTC Bears Eye sub-$29,500 on US Lawmaker Chatter and SEC Plans

US Lawmaker Chatter and SEC Appeal News Tests Buyer Appetite

It was a busy session on Friday, with the crypto news wires providing direction. Hopes of US lawmakers pushing through legislation to provide a regulatory framework faded on Friday.

Democratic members of the House Agriculture Committee relayed their views on the Financial Innovation and Technology for the 21st Century Act, saying,

“Instead of focusing on pressing Farm Bill issues, House Republicans are sprinting to provide a handout to crypto exchanges, Wall Street, and Silicon Valley venture capitalists at the expense of American consumers and retail investors.”

The Democrats responded to tweets from Hilary Allen, a professor at the American University Washington College of Law, that questioned the Republican Party push for crypto regulation over more pressing agricultural and financial issues.

On Thursday, the House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chairman Dusty Johnson, Financial Services Subcommittee on Digital Assets Chairman French Hill, and Agriculture Committee Chairman Glenn “GT” Thompson introduced legislation to provide the digital asset space clarity and consistency.

The bill aims to deliver clear guidelines, allowing digital asset developers to innovate and advance currency by adhering to the rules without the ever-present threat of lawsuits from regulators.

The Financial Innovation and Technology (FIT) for the 21st Century Act provides much-a needed structure for the Commodity Futures Trading Commission (CFTC) and the SEC.

Interestingly, Hilary Allen and the Democrats questioned the motivation of the Republican Party members when the White House was actively issuing crypto-related executive orders in early 2022. In 2022, the US Administration cited national security for its involvement in the digital asset space.

News of the SEC planning to appeal the SEC v Ripple ruling was also bearish, leaving BTC short of $30,500.

The Day Ahead

It is a quiet Saturday session, with no US economic indicators to distract crypto investors.

However, ETF chatter and Binance and Coinbase (COIN)-related news will need consideration. Investors should also track SEC and US lawmaker chatter. Democratic Party support for either Republican bill introducing a crypto regulatory framework would provide BTC price support.

Last week, Senator Cynthia Lummis looked to leverage the SEC v Ripple ruling by touting the Lummis-Gillibrand Responsible Financial Innovation Act.