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Bitcoin price surged 10% last week, rising towards $70,000 per Bitcoin, as Twitter founder Jack Dorsey reveals plans to blow up Bitcoin price, Ethereum, XRP, and others The price of virtual currencies also rose.
Now that Shark Tank billionaire Mark Cuban has issued a stern warning to President Joe Biden on cryptocurrencies, US lawmakers are on the verge of a landmark crypto vote, and major crypto companies Some called it “critically important” to the future of the U.S. industry.
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US President Joe Biden has vowed to block game-changing virtual currency legislation described as 'major' … [+]
Next week, members of the House of Representatives will elevate the Commodity Futures Trading Commission (CFTC) to become the primary cryptocurrency regulator and set out the 21st Century Financial Innovation Initiative, known as “Fit21,” which will define which areas of the Bitcoin and cryptocurrency market will open up. The technology law will be voted on. is supervised by the Securities and Exchange Commission (SEC).
It would also create guardrails against risky practices and establish consumer protections for the storage of customers' cryptocurrencies and their handling in the event of bankruptcy.
“Passing this bill will accelerate the growth of blockchain technology and digital assets, promote financial inclusion, and protect national security.” said the Crypto Council for Innovation, a coalition of currency companies and organizations. Investor Andreessen Horowitz and his vast crypto empire Digital Currency Group wrote in an open letter to lawmakers. “It is critical that the United States maintain its leadership in financial innovation.”
This week, Congress overturned the SEC's crypto accounting policies that had prevented large Wall Street banks and similarly highly regulated financial firms from storing Bitcoin and other cryptocurrencies, also fulfilling President Joe Biden's campaign promise. Regardless, the resolution received support from more than a dozen Democratic lawmakers. Please vote when it arrives on his desk.
“This is a big deal,” Noel Acheson, author of the newsletter “Crypto is Macro Now,” wrote in a note. “At the risk of getting too carried away by the cryptocurrency echo chamber, this feels like a political signal of deep rifts within the Democratic Party.”
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Bitcoin price skyrocketed last year, pushing up Bitcoin, Ethereum, XRP, and more … [+]
Sen. Cynthia Lummis, a Wyoming Republican and crypto supporter who pushed the resolution in the Senate, called the bulletin a “disaster” that does not protect consumers.
“This is a victory for financial innovation and a clear rebuke of the Biden administration and Speaker Gary Gensler's handling of crypto assets, marking the first time that both the House and Senate have passed standalone cryptocurrency legislation,” Lummis said in a statement. That's true.''
The news gained attention in January after Wall Street's approval of spot Bitcoin exchange-traded funds (ETFs), which could potentially impose hefty fees on cryptocurrency managers.
The long-awaited Spot Bitcoin ETF was only approved by the SEC as a result of a court order.
