With the soaring value of BTC, Wall Street is circling around BTC like hawks. The US crypto asset industry is holding its breath because a crucial vote will take place in Washington next week.

This vote long wick candle the Financial Innovation and Technology Act for the 21st Century (FIT21) and could reshape the regulatory landscape for digital asset. The results have the potential to welcome the industry on board, or to put the brakes on its recent rise growth.

Fit21 proposes a major shift in the U.S. government's handling of Digital Money. Currently, the regulatory landscape is fragmented, with both the SEC and the Commodity Futures Trading Commission (CFTC) having a say.

Fit 21 will establish the CFTC as the primary regulator of crypto assets, giving the industry a clearer understanding of the rules it needs to follow.

The bill will also establish protective barriers to safeguard consumers from the harm of risky behaviors, and formulate protocols regarding the holding of these assets and their handling in bankruptcy proceedings.

The BTC industry has expressed support for Fit21, saying it is "critical" for the future of the U.S. digital asset market. The lack of clear regulations has been a major sticking point for the industry, with some companies even threatening to abandon the United States altogether.

The Crypto Asset Innovation Commission is concerned that the United States will lag behind other countries in embracing BTC innovation.

In an open letter to lawmakers, the crypto asset industry said: "Through this legislation, we can accelerate the development of Blockchain technology and digital assets, promote financial inclusion, and protect national security." ”

Recently, Wall Street giants have rushed into the crypto asset space, adding another layer of mystery to the upcoming vote.

In January of this year, a wave of spot BTC ETFs was approved, opening the door for Wall Street to get a share of the pie in the crypto asset field. These ETFs allow traditional investors to invest in BTC without having to buy and hold crypto assets themselves.

But hosting these ETFs can generate huge fees, which worries some industry observers that Wall Street's involvement could stifle innovation.

With the continuous rise of BTC prices and pressure from the digital asset industry and Wall Street, the upcoming vote on the Fit21 Act will be a watershed moment for Crypto assets in the United States.

If passed, the bill will usher in a new era of clear regulation and promote the development of the industry. However, if the bill is vetoed, the future of crypto assets in the United States remains uncertain, which could lead to the exodus of crypto asset companies and hinder innovation.

With 10 days to go, all eyes are on Washington as lawmakers decide whether to welcome crypto assets with open arms or keep them out.