Representatives from cryptocurrency companies are heading to Washington, D.C., for a markup event on legislation to address digital asset market structure. The Senate Agriculture Committee may hold a markup on the Responsible Financial Innovation Act on Jan. 15. The bill aims to give the CFTC more authority in regulating digital assets.

The Digital Chamber has been involved in drafting the legislation and will bring in over 50 member companies to educate Senate offices. Early drafts of the bill show plans to give the CFTC more regulatory authority over digital assets. The SEC has traditionally taken the lead in regulating crypto companies.

Investment bank TD Cowen predicts the RFIA bill may not pass Congress until 2027, with implementation as late as 2029. Concerns over the 2026 midterm elections may cause delays in passing the bill, as some Senate Democrats could withdraw support. Progress on the bill was previously delayed due to a government shutdown.

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1. Bitcoin reaches a new all-time high of $60,000, fueled by increased institutional interest and growing adoption among retail investors. The cryptocurrency has surged over 100% in 2021 alone, outperforming traditional assets like gold and stocks.

2. Ethereum continues its upward trend, hitting a new record high of $2,000. The second-largest cryptocurrency by market capitalization has seen a 150% increase in value this year, driven by the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs).

3. Tesla announces that customers can now purchase its electric vehicles with Bitcoin, making it the first major car manufacturer to accept the cryptocurrency as a form of payment. The move is seen as a significant endorsement of Bitcoin’s legitimacy and usability in everyday transactions.: Crypto Reps to Fly into DC this Week to Address Market Structure Bill