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The bitcoin price fell last month from its 2023 peak of just over $30,000, dragging down the price of ethereum, as well as XRP and BNB. even as Goldman Sachs and Microsoft lay the groundwork for the next bull run.
Now, Amid Fears, A Crypto "Keg Of Gunpowder" Could Be About To IgniteUS lawmakers have proposed a "functional framework" intended to provide regulatory clarity for bitcoin and crypto businesses in the country.
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US lawmakers have submitted a bill to Congress that proposes a clearer delineation of authority ... [+]
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162 page bill draftIntroduced by House Financial Services Committee Chairman Patrick McHenry, R-North Carolina, and House Agriculture Committee Chairman Glenn Thompson, R-Pennsylvania, is an attempt to galvanize discussions between Republicans and Democrats in both committees. Bloomberg reported.
In recent weeks, some of the largest bitcoin and crypto companies in the US have warned that the country is falling behind the rest of the world on crypto legislation, with Hong Kong's new regulatory regime taking effect this week together with the emblematic markets of cryptoactives of the European Union (MiCA) regulation that becomes law.
Major cryptocurrency exchanges, including Nasdaq-listed Coinbase, have sparred with regulators over whether certain cryptocurrencies are being sold and traded as unregistered securities. In late 2020, the US Securities and Exchange Commission (SEC) sued Ripple, accusing the company of selling $1.3 billion in unregistered securities through its cryptocurrency XRP (Ripple's CEO has recently said that he is "sure" of an imminent outcome).
The new US cryptocurrency bill, after several attempts to pass cryptocurrency legislation in previous sessions, proposes that cryptocurrencies offered as part of an investment contract would be placed under SEC oversight, while that qualify as commodities would be overseen by the Commodity Futures Trading Commission (CFTC). .
Whether cryptocurrencies like bitcoin, ethereum, Binance's BNB or Ripple's XRP are defined as securities or commodities will depend on how decentralized their underlying blockchain is, decided by an SEC ruling.
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Bitcoin price skyrocketed in 2023 following last year's flash crash that wiped out $2 trillion ... [+]
Forbes Digital Assets
The bill drew applause from some in the bitcoin and crypto industry ahead of a House agriculture committee hearing on digital asset regulation scheduled for June 6.
The bill "lays a strong foundation for regulatory jurisdiction and definitions," Paul Grewal, legal director of bitcoin and cryptocurrency exchange Coinbase, aware to Twitter. "A comprehensive bill of this magnitude warrants an in-depth review, which we will conduct in the coming days, but what we are seeing so far is encouraging."
"It's a win this year for cryptocurrency to even get attention in DC right now, after last year's setbacks," Ryan Selkis, founder of crypto data firm Messari, aware to Twitter, adding: "There is still a lot of work to be done to come up with workable legislation, but this is a good starting point for a sensible market structure bill."
