CRYPTO RULES IN U.S. TO BE EFFECTIVE FROM 2022

CRYPTO REGULATIONS TO BE EFFECTIVE FROM 2022, Says U.S. Senators

Including Six U.S Senators have joined together to form an alliance to regulate cryptocurrency in the United States. U.S senators have called upon the federal reserve to regulate cryptocurrency bills as soon as possible before the effective year of the Infrastructure bills.

Source: CNBC
  • Bitcoin Price is up over $46,700 with a gain of +2.47%, ETH price is up about $3,837 (+$300) with +1.62% gain. Even after anti-inflation rule of the Federal Reserve crypto market soared today.
Source: Google

The Biden Administration approved the Infrastructure Investment and Jobs Act(IIIA) of $1.2 Trillion, in the month of November into law. This Act imposes certain transaction reporting requirements on crypto firms, mining companies, wallet companies, exchanges, and individuals who do not control Bitcoin transactions directly. Due to the word “Brokers”, the law drew some controversies at that time and those rules which were going to be imposed on them. This created controversies among some senators who expressed their concerns over a letter that was later published. The letter says in one section that :

“Some market participants have expressed concern that an overly-broad interpretation of … ‘broker’ could capture certain individuals who are solely involved with [validating transactions] and entities solely providing software or hardware solutions enabling users to maintain custody of their digital asset wallets.”

Senators from both parties like Rob Portman, Mark R. Warne, Mike Crapo, Kyrsten Sinema, Pat Toomey, and Cynthia Lummis signed the letter. Some experts like  Jerry Brito, Executive Director of Coin center expressed their concerns over the short time frame that is approved by the lawmakers, which may backfire according to them.

XRP on the downward trend? Future forecasting of XRP

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XRP Has Lost 17% of Its value within Last Week. What to do?

Crypto Market now stands at 2.27 Trillion $. Within this month the total market cap is down by 4%

Bitcoin was trading at $ 49,000 during the testify of the crypto company CEOs in the US senate room. But shortly after some days, BTC fell to $ 48,000 which is 2.71% lower than the previous price of $50,100 and the crypto market stood at $ 910 Billion market cap total according to data from coin market cap. From the technical chart of the BTC, it can be seen that the next support is at $ 43,000 and $ 40,000. US federal exchange announced to take rapid action on implementing tapering process due to the rising of the inflation rate. This is resulting in fear among investors of both wall street and crypto markets.

Stellar XLM news

Ethereum (ETH) also fell from $4,400 to $4,036 as of now 5.57% and Dogecoin is trading at 5.07% lower $0.1,622, digital Stellar (XLM) fell 6% which is trading around 0.2372. XRP also fell 1.42% to $0.8,233 and Uniswap also fell to $15.88. This week major cryptocurrencies are in red. Investors are looking forward to the Federal reserve decisions on crypto regulations and tapering activities.

Mostly the crypto market was reacting to the series of tweets from Tesla CEO Elon Musk, Ark Investor LLC’s Cathie wood, Tweeter ex-CEO. Tesla CEO tweeted that they may accept digital asset BTC payment most likely from August. This was the reason the cryptocurrency market stood at a good market value after the fall of May.

Tesla company CEO Elon Musk had shortly denied crypto acceptance in exchange for the electric car purchase.