spot_imgspot_imgspot_img

US’s Most Comprehensive Crypto Bitcoin Bill Set for Resubmission Next Week

  • Despite progress on cryptocurrency legislation in both the Senate and the House last year, the collapse of FTX in November disrupted these efforts.
  • Senators Cynthia Lummis and Kirsten Gillibrand are nearing the completion of a comprehensive bill on the sector, the Responsible Financial Innovation Act.
  • The proposed legislation, expected to be presented next Wednesday, will be the most comprehensive bill addressing key issues such as market structure, stable coin oversight, and taxes.

Comprehensive Cryptocurrency Bill on the Horizon

Despite significant strides made in cryptocurrency legislation in both the House and the Senate last year, the sector experienced a setback with the collapse of FTX in November. Although several laws were enacted during the current legislative year, they fell short of addressing all the needs of the sector. However, US Senators Cynthia Lummis and Kirsten Gillibrand have been working on a comprehensive bill for the sector, the Responsible Financial Innovation Act.

Addressing Key Issues in the Cryptocurrency Sector

The bill, which is expected to be presented by Lummis and Gillibrand next Wednesday, promises to be the most comprehensive yet, tackling fundamental issues such as market structure, stable coin oversight, and taxes. In an interview with Fortune, Lummis stated that the legislation will be the most comprehensive bill to date, providing robust consumer protections and appropriately addressing the current state of affairs with crypto assets.

Overcoming Previous Setbacks

The bill was initially presented in June 2022 but was overshadowed by a series of bankruptcies in the crypto sector and the collapse of FTX. After months of revisions, the senators are now ready to present the bill again. The legislation aims to solve intricate issues in the crypto industry, such as how transactions will be taxed, how stable coins will be regulated, and how the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission will be determined.

Challenges in Passing the Bill

Despite the Senate’s reluctance to pass comprehensive crypto legislation, Ron Hammond, the government relations director of the crypto trading group Blockchain Association, believes that Lummis will be at the forefront of these discussions. According to Hammond, even if the House, controlled by Republicans, votes on the law, the real obstacle is the Senate, particularly the Senate Banking Committee and crypto opponents like Chairman Sherrod Brown and Senator Elizabeth Warren. Hammond emphasized the importance of timing in crypto policy, regardless of whether one is pro-crypto or anti-crypto.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

EU Central Bank Asserts Bitcoin BTC’s Value Remains Zero Despite Rising Market Acceptance

Despite Bitcoin's surge past $64,000 and ETF milestones in the U.S., the European Central Bank steadfastly views the leading digital asset's value as non-existent, highlighting potential economic and environmental risks.

BlackRock’s Bitcoin ETF IBIT Set to Eclipse Gold with $10 Billion Milestone, Reshaping Crypto ETF Landscape

Amid Bitcoin's ascent past $60,000, BlackRock's IBIT ETF is poised to outpace traditional gold investments, signaling a significant shift in investor preferences towards digital currencies.

Coinbase Experiences Unprecedented Traffic Surge Amid Bitcoin BTC’s Rally to $64K

In an extraordinary display of digital currency enthusiasm, Coinbase's platform traffic overwhelmingly surpassed expectations, underscoring the growing mainstream acceptance of Bitcoin and other cryptocurrencies.

Jeff Bezos Sparks Bitcoin Investment Rumors: A New High-Profile Player?

The cryptocurrency community is abuzz with speculation that Amazon founder Jeff Bezos could be making a significant move into Bitcoin, following a series of financial maneuvers and a high-profile meeting with Michael Saylor.

Solana Trader’s Astounding 4,530x Return on WIF Ignites Crypto Community Buzz

A Solana trader's incredible return on investment with dogwifhat (WIF) captivates the crypto world, spotlighting the high-reward potential of meme coins within the Solana ecosystem.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

EU Central Bank Asserts Bitcoin BTC’s Value Remains Zero Despite Rising Market Acceptance

Despite Bitcoin's surge past $64,000 and ETF milestones in the U.S., the European Central Bank steadfastly views the leading digital asset's value as non-existent, highlighting potential economic and environmental risks.

BlackRock’s Bitcoin ETF IBIT Set to Eclipse Gold with $10 Billion Milestone, Reshaping Crypto ETF Landscape

Amid Bitcoin's ascent past $60,000, BlackRock's IBIT ETF is poised to outpace traditional gold investments, signaling a significant shift in investor preferences towards digital currencies.

Coinbase Experiences Unprecedented Traffic Surge Amid Bitcoin BTC’s Rally to $64K

In an extraordinary display of digital currency enthusiasm, Coinbase's platform traffic overwhelmingly surpassed expectations, underscoring the growing mainstream acceptance of Bitcoin and other cryptocurrencies.