Biden Officials Reveal Crypto Plans Amid $ 2 Trillion Terra Luna Led Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Crash
Bitcoin
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The Bitcoin price has crashed below the closely monitored $ 20,000 per bitcoin level, a decline of more than 70% from its record high at the end of last year. Ethereum and other top ten cryptocurrencies BNB
Now, after Wall Street giant Deutsche Bank issued a surprising bitcoin price prediction this week, there have been reports that the Biden administration may pass crypto legislation governing so-called stack coins like the recently collapsed terraUSD and its support currency luna as soon as this year. .
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U.S. President Joe Biden may sign the stablecoin legislation later this year, according to … [+]
This week, the president’s working group on financial markets, a group that includes several financial regulators, met to discuss stablecoin legislation, with an anonymous official who told Coindesk the law package can become law by the end of the year. The source said it would define stacking coins for US regulation and address how they are used.
The Stablecoin market has grown in recent years with the largest Stablecoin tetherer now having a market value of almost $ 70 billion. Stablecoins – cryptocurrencies priced at traditional currencies such as the US dollar – are used to facilitate payments and facilitate people’s access to certain cryptocurrency exchanges that do not support direct deposits.
This year, the collapse of the so-called algorithmic stablecoin terraUSD that used a cryptocurrency called luna to maintain its US dollar stick sent shockwaves through the crypto market and galvanized regulators to better monitor technology and protect users.
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The Bitcoin price has crashed to below $ 20,000 per bitcoin in recent weeks, which has triggered a wider one … [+]
TerraUSD and the collapse of Luna shook the confidence of many crypto investors, who have been further shaken by the fact that many crypto loan companies have suspended withdrawals in recent weeks in the face of rising bitcoin, ethereum and crypto prices.
In Europe, legislators this week secured an agreement on tough new rules designed to ensure that stable coins maintain ample reserves to meet redemption requests in the event of mass withdrawals.
EU lawmaker Stefan Berger said the rules would “put order in the Wild West of cryptocurrencies,” and added the rules “would provide legal certainty for issuers of cryptocurrencies, guarantee equal rights for service providers and ensure high standards for consumers and investors.”
