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This action arrives as leaders from the G7 nations are going to meet in Puglia, Italy, starting tomorrow.

This announcement comes just a day after the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act.

Legal experts note that while Zhao’s sentence reflects a departure from the severity of Bankman-Fried’s punishment, it underscores the consequences of regulatory non-compliance in the crypto space.

The former crypto magnate was also ordered to forfeit over $11 billion, following his conviction on seven counts of fraud and conspiracy tied to the collapse of FTX in 2022.

Bitcoin witnessed a remarkable surge, breaking the $66,000 barrier within just two hours following the Fed’s announcement, up from the day’s low of $60,976.

Ruslan Lienkha, Chief of Markets at YouHodler, shared his thoughts on the upcoming decision, its impact on financial markets, and how it may affect the Bitcoin and crypto market.

After reaching a new all-time high (ATH) of $72,709, the BTC price fell more than 3%, dropping below $70,000 shortly after the U.S. Consumer Price Index (CPI) report was released Tuesday morning.

With the recent Bitcoin ETF approval and the growing influence of cryptocurrencies, this race has become emblematic of the clash between traditional banking and the evolving financial landscape.

Investors who were previously hesitant to directly hold Bitcoin or navigate the complexities of crypto exchanges may now find a more accessible avenue for exposure to this digital asset.

“Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” states SEC Chair, Gary Gensler.