Crypto
US House to Vote on Crypto Bill
A bill that promises regulatory clarity for digital assets has moved a step closer to a vote in the U.S. House.
The House Committee on Rules said Friday (May 10) that it will consider the Financial Innovation and Technology for the 21st Century (FIT21) Act (H.R. 4763), which means the bill could go to a floor vote later in May, the House Financial Services Committee said in a Friday press release.
“With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets,” Patrick McHenry, chairman of the House Financial Services Committee, said in the release. “This legislation will cement American leadership of the global financial system for decades to come and bolster our role as an international hub for innovation.”
Introduced on July 20, FIT21 established federal requirements over digital assets, providing the Commodity Futures Trading Commission (CFTC) with new jurisdiction over digital commodities and clarifying the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets offered as part of an investment contract, according to the release.
The bill also establishes a process for permitting the secondary market trading of digital commodities that were initially offered as part of an investment contract and imposes requirements on entities required to be registered with the CFTC or the SEC, per the release.
Congressman French Hill, one of the legislators who introduced the bill, said in the Friday press release: “After working tirelessly across the aisle and across the nation over the past year to craft a clear, pragmatic regulatory framework for digital assets, I am proud that this landmark legislation is coming to the House floor.”
The cryptocurrency industry has long been asking Washington for more regulatory clarity, and this bill could put the sector on the road to that goal, PYMNTS reported in July when the bill was introduced.
FIT21 would delineate when a cryptocurrency is a commodity or security and assign oversight appropriately between the CFTC and the SEC.
“As the collapse of FTX demonstrated, we need strong consumer protections and a functional regulatory framework to ensure the rapidly growing digital asset ecosystem is safe for investors and consumers while securing America as a leader in blockchain innovation,” Hill said in the Friday press release.
Going into the weekend, the price of Bitcoin was unable to sustain the bullish momentum it displayed earlier in the past week. Since Friday, January 16th, the world’s leading cryptocurrency, repudiated by the price resistance above, now trades in a tight consolidatory bracket. Interestingly, this period of silence has been deemed transient, as recent on-chain data suggests an exciting time ahead for the BTC price.
Kimchi Premium Flips Positive As Local Demand Sees Buildup
In a January 17 post on the X platform, DeFi asset management platform XWIN Finance released an on-chain report, which suggests that Bitcoin might be closer to reaching a turning point than is apparent in its price action.
This hypothesis is based on the Bitcoin Kimchi Premium indicator. This measures the percentage difference between a cryptocurrency’s price (in this case, Bitcoin) on South Korean exchanges and its price on global exchanges. Simply put, it shows how much more Korean traders are willing to pay for Bitcoin.
When the Kimchi Premium transitions steadily from low or negative levels to cross above historically significant levels, this is typically viewed as a long signal from the metric. This interpretation is because a rising Kimchi Premium reflects growing local demand in South Korea, usually often influenced by retail buyers.
In essence, Korean buyers are willing to pay more for Bitcoin, hence overwhelming the available supply and consequently pushing prices upwards.
In the post on X, XWIN Finance highlighted that this long signal had been sighted on the indicator. History also attests to the bullish significance of this signal; there have been major price moves to the upside following sustained increases in the Kimchi Premium.
An example is the last sighting of the long signal in October 2023, where the index rose above a major threshold, as shown in the chart above. The price of Bitcoin witnessed a 370% rally after this signal went off in 2023.
According to XWIN Research, this same pattern seems to be playing out again in 2026. Hence, if the Kimchi Premium completes its long-signal formation, it could be a sign that buyers are occupying favourable positions for a bullish ride.
If history does repeat itself, the Bitcoin price could be on track to witness another exciting voyage, with the flagship cryptocurrency possibly putting in a more than 300% surge in the next cycle.
However, it is worth noting that macro conditions, institutional demand, and derivatives activity would be playing their roles to augment the pattern’s plausibility, as it should not be viewed as a standalone bullish sign.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $95,280, reflecting no significant change in the past 24 hours.
Crypto
The October Flush Is Over: Grayscale Says Deleveraging No Longer Pressuring Crypto Valuations
The biggest question in Louisiana politics for months had been whether President Trump would endorse U.S. Rep. Julia Letlow to be Louisiana’s next senator over Sen. Bill Cassidy or stay neutral.
Snow showers on tap for Maine on Monday before coldest air of the season so far arrives
Maryland is rethinking how it pays for special education — and it could cost a lot more
When did Big Ten — beside Michigan or Ohio State — last win national championship?
A storm dumped snow across Mass. overnight Sunday. Here’s how much has fallen so far
Florida High School Football Rankings: Top 25 teams – Oct. 21
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
99th annual Pony Swim held in Virginia
Video: ‘It Didn’t Have to Happen This Way:’ U.Va. Faculty Call for Review of Police Response to Protests
Nancy Pelosi faces social media backlash over behavior at Bob Weir tribute event
Billionaires have more money and political power than ever, Oxfam says
Parts of Florida receive rare snowfall as freezing temperatures linger
Did Hunter S. Thompson Really Kill Himself?
Wife of former American detainee released after more than a year in Venezuelan prison
-
Montana1 week agoService door of Crans-Montana bar where 40 died in fire was locked from inside, owner says
-
Virginia1 week agoVirginia Tech gains commitment from ACC transfer QB
-
Montana1 week ago‘It was apocalyptic’, woman tells Crans-Montana memorial service, as bar owner detained
-
Minnesota1 week agoICE arrests in Minnesota surge include numerous convicted child rapists, killers
-
Lifestyle4 days agoJulio Iglesias accused of sexual assault as Spanish prosecutors study the allegations
-
Oklahoma1 week agoMissing 12-year-old Oklahoma boy found safe
-
Education1 week agoVideo: A Viral Beauty Test Doesn’t Hold Water
-
Oregon1 week agoDan Lanning Gives Oregon Ducks Fans Reason to Believe