Bitcoin It is stalling below $88,000 and deeper bottoms are being targeted. Silver While gold and gold are breaking new records, demand is flowing to commodities, not cryptocurrencies, in an environment where concerns about the future of the dollar are increasing. cryptocurrency Although work on the law continues, the hearing was postponed due to the snowstorm.
Cryptocurrency Law
The Senate Agriculture Committee was set to consider the bill aimed at bringing clarity to the cryptocurrency market on Tuesday this week. However, due to the winter storm, the hearing for the cryptocurrency market structure was postponed until Thursday. Winter storm affecting much of America SEC and CFTC crypto- It also caused the themed joint meeting to be postponed to Thursday.
We have previously talked about the process of making a law and its stages. The Senate Agriculture Committee is still in the markup phase and discussions and exchange of ideas regarding the articles of the law will continue for a while. On Thursday, the Committee will hold stalls on legislation clarifying how the Commodity Futures Trading Commission could oversee crypto markets.
Will the Law Suffice?
Last year, we mentioned that if the calendar was stretched, the law might not be able to time the holiday that would start before the midterm elections. Trump said in Davos that he wants to sign the cryptocurrency law as soon as possible. Although the continuation of the discussions is positive for the progress of the process, there are issues that many stakeholders in the industry, including Coinbase, object to. Moreover, as can be expected, there are disagreements among MPs.
The Agriculture Committee was expected to create a bipartisan draft to speed up the process. But Committee Chairman John Boozman said last week that he and his negotiating partner, Democratic Sen. Cory Booker, were unable to agree on the text because of fundamental policy differences.
on friday Democrats The bipartisan draft has unveiled a slew of proposed revisions, including provisions mandating ethical commitments on senior government officials. The main reason for this is that Trump uses his position to make huge profits from crypto. Democrats have objected to this over the past year and are now requiring it to pass legislation. Trump is not expected to be receptive to this, and if they insist on this, the law will probably not be made in time for the midterm elections.
