US House Passes "Eliminate Barriers to Innovation" Act

Happy Humpday, Blockfolians

The Lede

Here’s some cool good news from the regulatory sphere. A bipartisan bill has just passed the US House of Representatives with the intention of moving the US towards clearly articulated, pro-innovation legislation in the crypto space.

One of the bill’s co-sponsors Patrick McHenry said “This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.”

The first impact of the bill is that within the next 90 days, a working group will be established jointly between the SEC and the CFTC to begin to figure out who has jurisdiction over what, and moreover, if and how regulators should think differently about crypto in general.

It’s yet another indication that things in Washington are moving to a better place, from a regulatory standpoint.

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Square is flipping the script on the Bitcoin environmental debate
Heyyo

A Really Big Number We Should Be Paying Attention To

$700,000,000

That’s the size of BitGo’s new crypto custody insurance program


Final Thought