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A surprise, groundbreaking crypto bill could quietly drive up the price of Bitcoin, Ethereum and XRP

Bitcoin and other major cryptocurrencies, including Ethereum and XRP, have skyrocketed since crashing to their 2022 lows (while President Joe Biden and former President Donald Trump warned that there is “only one way to save the U.S. dollar”).

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The Bitcoin price has climbed back to its previous high of around $70,000 per Bitcoin – and could be on the verge of a “parabolic” price rise after traders spotted a surprising price pattern. Ethereum, XRP and other cryptocurrencies, on the other hand, are bracing for an earthquake of their own on Wall Street.

As Trump and Biden now head toward a Bitcoin showdown, a Senate committee has passed a potentially game-changing bill with a surprise crypto provision. If it becomes law, it could become the most important U.S. crypto policy ever.

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ForbesThe ‘only way to save the dollar’ – Trump and Biden warned of a collapse as the Fed ‘prints a trillion dollars every 100 days’From Billy Bambrough

Bitcoin and crypto have become a major political issue ahead of this year’s showdown between the US … [+] President Joe Biden and former President Donald Trump – which could lead to price chaos for Bitcoin, Ethereum and XRP.

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The Senate Intelligence Committee’s funding package recently passed along with a nearly unnoticed crypto provision that would force crypto companies to collect more information about their users or face sanctions designed to prevent terrorist financing.

The passage, spotted by eagle-eyed reporters at Coindesk, would reportedly “speed up and automate the process for sanctioning ‘foreign intermediaries of digital asset transactions’ – including crypto exchanges – that are associated with users who support terrorist groups.”

The Intelligence Authorization Act (IAA) passed the committee unanimously by a vote of 17 to 0. However, the cryptocurrency section was not mentioned when Senator Mark Warner, a Democratic representative from Virginia and committee chairman, announced the passage in a press release.

“This year’s bill improves the IC’s ability to identify and combat emerging technological threats from hostile nations,” wrote Senator Warner. “The IAA also designates foreign ransomware organizations as hostile cyber actors and ensures that the IC [U.S. intelligence community] has the necessary instruments to counter economic coercion and illicit technology transfer.”

Bitcoin and cryptocurrencies are often demanded by hackers as part of ransomware attacks.

However, crypto industry insiders interviewed by Coindesk believe the provision is unlikely to survive the budget process.

“I think it will probably be removed from the NDAA [National Defense Authorization Act] “Given the immediate resistance from the industry, the process must continue,” Cody Carbone, chief of police at the Digital Chamber, told Coindesk.

Last month, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which divides responsibility for regulating cryptocurrencies between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) and has broad support from crypto companies and pro-crypto lobby groups.

The Biden administration has tried to soften its stance on Bitcoin and cryptocurrencies in recent weeks after 2024 White House candidate Donald Trump pledged his support for the crypto industry.

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Forbes“A very big opportunity” – Crypto suddenly prepares for a “massive” earthquake in China after the price boom in Bitcoin, Ethereum and XRPFrom Billy Bambrough

The Bitcoin price has skyrocketed in the last year, outperforming Bitcoin, Ethereum, XRP and other … [+] Cryptocurrencies back in the spotlight.

Forbes Digital Assets

Reuters reported that Trump launched a crypto charm offensive last week during a fundraiser in Silicon Valley hosted by investors David Sacks and Chamath Palihapitiya.

The fundraiser, which sold tickets for $250,000, reportedly sold out and raised around $12 million for Trump.

“He said he would be the crypto president,” Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, was quoted as saying by the news agency, while Jacob Helberg, an adviser to data analytics provider Palantir, said, “President Trump has made it clear that Biden and Gensler’s crusade against crypto will come to a halt within an hour of a second Trump administration,” referring to Securities and Exchange Commission (SEC) Chairman Gary Gensler.

Trump has targeted Bitcoin and cryptocurrencies in recent weeks after making millions from a series of crypto-based digital trading cards (non-fungible tokens, NFTs), putting him in stark contrast to the Biden administration’s anti-crypto stance. Trump declared his support for cryptocurrencies in late May and began accepting campaign donations in Bitcoin, Ethereum, Solana, Dogecoin and Shiba Inu.

“Crypto is a clear winner,” Jason Calacanis, an investor who co-hosts the All In podcast with Sacks, Palihapitiya and David Friedberg, said on last week’s show, which was recorded ahead of the fundraiser.

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