The Scene Biden Least Wants to See Unfolds! Pelosi "Shifts" to Support Republican Bill, FXEmpire: Bitcoin Challenges Historical Highs Before Overbuying

Bitcoin fluctuated around the $69,500 level, falling back from an overnight high of $70,665. However, technical analysis indicates that Bitcoin bulls have not given up and may push the price up to a historical high of $73,808 before overbuying. The scene President Biden least wants to see is unfolding as the U.S. House of Representatives passes the "21st Century Financial Innovation and Technology Act," with Democrat Nancy Pelosi shifting to vote in favor.

The U.S. House of Representatives passed the Republican-led "21st Century Financial Innovation and Technology Act" (FIT21) with 279 votes in favor and 136 against. Seventy-one Democrats and 208 Republicans voted in favor, while three Republicans and 133 Democrats voted against. The White House issued a statement acknowledging that they do not support the bill.

The "21st Century Financial Innovation and Technology Act" designates the U.S. Commodity Futures Trading Commission (CFTC) as the primary regulator for digital assets and the non-securities spot market, and it will more clearly define the standards that make crypto tokens securities or commodities.

According to Watcher.Guru, Democrat and former Speaker of the House Nancy Pelosi voted in favor of the bill.

Earlier this week, The American Prospect, a U.S. political magazine, cited sources familiar with Pelosi's thinking, indicating that the current Speaker Emerita, no longer in Democratic leadership, might support the "21st Century Financial Innovation and Technology Act," which was expected to be voted on in the House later Wednesday.

In addition to positive news from Congress, the U.S. Securities and Exchange Commission's approval or rejection of Ether spot ETF applications will affect buyer demand for Ether and the broader crypto market.

Bloomberg ETF analyst James Seyffart shared updates on the 19b-4 amendment filings. Issuers like BlackRock, Grayscale, and Bitwise Invest have submitted 19b-4 amendments. Additionally, ARK/21 Shares, Fidelity, Franklin, Invesco/Galaxy, and VanEck have also submitted 19b-4 amendments.

Seyffart believes the White House is pressuring the U.S. Securities and Exchange Commission to make a 180-degree turn regarding the Ether spot ETF. He wrote: "This is a political decision, and I think it is a higher-level decision, possibly above the SEC’s, similar to Biden’s stance. The Biden administration deems it not worth fighting for. If we attempt this, we might even lose in court, as someone could sue us, causing us to lose votes. People would turn to Trump because of his stance, which isn't worth it."