Bitcoin, the leading digital currency, has surpassed the significant threshold of $66,000 on CoinMarketCap, sparking excitement among investors. This surge in price comes amidst anticipation of a crucial vote in the US Congress that could have far-reaching implications for the cryptocurrency market.

The past week witnessed a remarkable increase in BTC's value, triggered by the release of the latest Consumer Price Index (CPI) report. The report revealed a 3.4% easing of inflation for April, aligning with economists' projections and contrasting with previous reports that exceeded expectations.

As the US Congress gears up for a pivotal vote, the crypto community eagerly awaits the outcome. House lawmakers are set to vote on the Financial Innovation and Technology for the 21st Century Act, also known as Fit21. This legislation aims to elevate the Commodity Futures Trading Commission (CFTC) as the primary crypto regulator, while defining the areas overseen by the Securities and Exchange Commission (SEC).

The Fit21 Act also seeks to establish safeguards against risky behavior and implement consumer protection measures for crypto custody and bankruptcy proceedings. The Crypto Council for Innovation, a coalition of crypto companies and organizations, has expressed its support for the legislation, emphasizing its potential to accelerate the growth of blockchain technology and crypto, foster financial inclusion, and protect national security.

In a significant development, Congress recently overturned a crypto accounting policy from the SEC that had previously prevented major Wall Street banks and other tightly regulated entities from custodying Bitcoin and other cryptocurrencies. The Senate passed legislation H.J.Res. 109, which would overturn the SEC's Staff Accounting Bulletin (SAB) no. 121, marking a significant victory for the crypto industry. The bill now awaits President Biden's decision.

As the crypto market eagerly anticipates the outcome of the upcoming congressional vote, investors remain optimistic about the potential for further growth and adoption of digital currencies like Bitcoin.