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Bitcoin’s price has dropped more than $30,000 from its 2023 high last month as Goldman Sachs and Microsoft quietly lay the groundwork for the next bull run.
Now, fearing that the crypto “powder keg” could ignite, US lawmakers have proposed an “implementation framework” aimed at providing regulatory transparency to bitcoin and crypto companies in the country.
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US legislators have introduced legislation to Congress that proposes a clear definition of power … [+]
The 162-page bill, unveiled by House Financial Services Committee Chairman Patrick McHenry, R-North Carolina, and Glenn Thompson, R-Pennsylvania, is an attempt to start a discussion between Republicans and Democrats on the two committees. , Bloomberg He reported.
In recent weeks, some of the largest US bitcoin and crypto companies have warned that the country is falling behind the world on crypto legislation, with Hong Kong’s new regulatory regime being signed into law this week with the European Union’s trademark markets in crypto assets (MCA).
Major crypto exchanges, including Nasdaq-listed Coinbase, have been at odds with regulators over whether some cryptocurrencies are being traded and sold as unregistered securities. In the year In late 2020, the US Securities and Exchange Commission (SEC) sued Ripple, accusing the company of selling $1.3 billion worth of unregistered securities in its XRP cryptocurrency (Ripple’s CEO recently said he was confident in the results).
The new US crypto bill—after several attempts to pass crypto legislation in previous sessions—proposes that cryptocurrencies offered as part of investment contracts would fall under the SEC’s oversight, while those that qualify as commodities would be overseen by the Commodity Futures Trading Commission (CFTC). .
Whether cryptocurrencies such as bitcoin, ethereum, Binance’s BNB or Ripple’s XRP are defined as securities or commodities will be decided by the SEC depending on how decentralized the underlying blockchain is.
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Following last year’s crash that wiped out $2 trillion, Bitcoin prices surged in 2023. … [+]
Ahead of the House Agriculture Committee’s hearing on digital asset regulation scheduled for June 6, the legislation cheered some in the bitcoin and crypto industry.
The bill “lays a strong foundation for regulatory authority and definitions,” said Paul Grewal, chief legal officer of bitcoin and crypto exchange Coinbase. Posted to Twitter. “A general rule of this magnitude warrants a thorough review, which we will be doing in the coming days, but what we are seeing so far is encouraging.”
“To get some attention now in DC, it’s a win for crypto this year after last year’s failures,” said Ryan Selkis, founder of crypto data company Messari. Posted Adding on Twitter: “We still have a long way to go to get to a viable piece of legislation, but this sensible market structure bill is a good start.”
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