Bitcoin prices are soaring and have surpassed $120,000. Meanwhile, the US Congress is considering three bills related to cryptocurrencies. This article highlights the key aspects of these initiatives and their potential market impact.
Summary of Cryptocurrency Legislation
The US Congress is currently preparing to discuss three cryptocurrency-related bills. These bills are the result of a lengthy legislative process where a draft is first approved by one chamber and then sent to the other chamber. If there is an alternative bill on the same subject in the other chamber, discussions occur to merge them into one document. After final approval, the bill is submitted for signing to the President.
Key Provisions of the GENIUS Bill
The main bill to be discussed this week is GENIUS, which pertains to stablecoins. It provides issuing companies with clear rules and regulatory guidance that have been long awaited. The bill allows major banks to issue their own stablecoins, specifying the procedures and regulations for these activities. Republicans emphasize the need to ease stablecoin issuance while ensuring oversight to maintain the dollar's dominance. Additionally, the recent approval of a bill banning CBDCs underlines that the digital dollar will only exist as stablecoins.
Analysis of ONDO and LINK Coin Prices
Analyst Ali Martinez notes that Chainlink (LINK) is gaining traction among altcoins. Despite new partnerships, such as with Mastercard, LINK's price remains stagnant. Martinez points to a resistance level of $17.5, suggesting that surpassing it could trigger a rally. For ONDO, the forecast indicates two situations: if the price continues to rise, it may reach $1.13, while a downturn could test the $0.7 support level.
The ongoing events in the cryptocurrency market and the discussion of key legislative initiatives in the US Congress could significantly impact the future of the crypto industry. Successful passage of stablecoin-related laws may lead to increased cryptocurrency integration into existing financial systems.
