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Top CEOs bet on a shocking reversal in Biden’s cryptocurrencies as Congress rushes towards a ‘crucial’ vote that could explode the price of Bitcoin, Ethereum and XRP
Update 5/20 below. This post was originally published on May 18th
Bitcoin
Bitcoin
and cryptocurrencies, including major coins ethereum and XRP
XRP
– are ready for a groundbreaking vote in Washington next week (just as a bitcoin storm is brewing on Wall Street).
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The price of bitcoin has risen 10% in the past week, climbing back towards $70,000 per bitcoin and boosting the price of ethereum, XRP and other cryptocurrencies as Twitter founder Jack Dorsey unveils his plan to drive up the price of bitcoin.
Now, after Shark Tank billionaire Mark Cuban issued a strong warning to President Joe Biden about cryptocurrenciesUS lawmakers are on the verge of a historic vote on cryptocurrencies that some of the largest cryptocurrency firms have called “crucial” for the future of the US industry.
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US President Joe Biden has vowed to block groundbreaking cryptocurrency law, with another described as… [+] “crucial” to the pricing of bitcoin, ethereum, XRP and cryptocurrencies by some of the largest cryptocurrency companies.
AFP via Getty Images
Next week, House lawmakers will vote on the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would upgrade the Commodity Futures Trading Commission (CFTC) to a major cryptocurrency regulator and determine which areas of the bitcoin and cryptocurrency market Cryptocurrencies are overseen by the Securities and Exchange Commission (SEC).
It would also establish barriers against risky behavior and establish consumer protections for the custody of cryptocurrencies and how they should be treated in the event of failure.
“By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, driving financial inclusion and protecting national security,” said the Crypto Council for Innovation, a coalition of crypto companies and organizations that also includes major exchanges Coinbase and Kraken. as investor Andreessen Horowitz and the Digital Currency Group’s vast crypto empire wrote an open letter to legislators. “It is critical that the United States maintain its leadership in financial innovation.”
Some cryptocurrency companies have threatened to leave the United States entirely due to the lack of clear cryptocurrency rules and regulations, with industry leaders complaining that there is no permissible path to market crypto financial products.
This week, Congress reversed an SEC accounting policy that had barred Wall Street’s largest banks and equally tightly regulated financial firms from storing bitcoin and other cryptocurrencies, with the resolution gaining the support of a dozen Democrats despite the President Joe Biden’s promise to do so. vote for him if he gets to his desk.
“This is a big deal,” Noelle Acheson, author of the Crypto is Macro Now newsletter, wrote in a note. “At the risk of buying too much into the joyous cryptocurrency echo chamber, this seems like a political signal suggesting a deepening divide in the Democratic Party.”
President Biden now has about ten days to veto the bill or sign it once it arrives on his desk. If he fails to veto, it will become law without his signature.
Update 5/20: Some think Biden may reverse his promised veto due to former President and 2024 Republican candidate Donald Trump’s recent support for cryptocurrencies.
“I’m 90% confident that Joe Biden will back down from the SAB 121 veto threat this week,” said Ryan Selkis, the CEO of crypto data firm Messari who recently backed Trump thanks to his support of the cryptocurrency industry . published to X, adding that in his opinion the Democrats “are losing [an] a huge amount of political capital compared to an ‘accounting rule’.”
Briscola, which caused the price of a small cryptocurrency to suddenly soar this monthalso announced that it will start accepting donations for crypto campaigns.
Trump’s Sudden 180 on Bitcoin and Cryptocurrencies, culminating in an event at Mar-a-Lago that week where he told attendees “if you’re for cryptocurrencies you’d better vote for Trump” and “the Democrats are definitely against it.” comes after him declared was not a fan of bitcoin or cryptocurrencies in 2019.
Trump’s remarks were described by Politico as a “new weapon against Biden” and follow the former president who has sold various digital trading card collections to his supporters using cryptocurrency over the past two years.
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The price of bitcoin has soared over the past year, pushing bitcoin, ethereum, XRP and other… [+] Cryptocurrencies are back in the spotlight.
Forbes Digital Resources
Sen. Cynthia Lummis, a Wyoming Republican and cryptocurrency advocate who pushed for the resolution in the Senate, said the bulletin is “a disaster” that doesn’t protect consumers.
“This is a victory for financial innovation and a clear rebuke to the way the Biden administration and President Gary Gensler have treated crypto assets and marks the first time both houses of Congress have passed standalone cryptocurrency legislation “Lummis said in a statement.
The bulletin was thrust into the spotlight by the approval of a fleet of spot bitcoin exchange-traded funds (ETFs) on Wall Street in January that created the possibility of huge fees for cryptocurrency custodians.
The long-awaited bitcoin spot ETFs were only approved by the SEC following a court order.