The U.S. Congress is actively working on bills addressing cryptocurrency market regulations and a potential ban on federal cryptocurrencies, which may improve the landscape for digital assets.
Progress of Legislation in Congress
House Republican leaders, including Steve Scalise and Tom Emmer, are guiding several bills through to this final stage. These bills address market structures for digital assets, stablecoin regulation, and a possible federal CBDC ban. Bipartisan support is anticipated, which could reshape the digital asset landscape in the U.S.
Impact on Bitcoin Market
As of the latest update, Bitcoin (BTC) stands at a price of $118,193.34, with a market cap of $2.35 trillion. Despite a 24.17% drop in trading volume over the past 24 hours, Bitcoin's value has increased by 0.72%. Over the past 90 days, BTC has seen substantial growth of 39.39%. Research indicates that clearer regulations can bolster institutional confidence in the market.
Lawmakers' Support
According to Steve Scalise, House Majority Leader, "We're bringing all of them... We're back on track. And exactly what the combination will be, we're talking through that, but all three bills will be encompassed in the work we do today." This bipartisan support may create a clearer regulatory framework, opening up new financial opportunities in the digital asset sector.
The passage of these bills through the U.S. Congress may significantly impact the cryptocurrency market, fostering investor confidence and stimulating new investments in digital assets.
