Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,09 trillion. Bitcoin is up by over 2% to reach around $27,200. Ethereum increased by nearly 6% to close to $1,700. XRP gained almost 2% in value during a highly volatile week. Almost all altcoins are trading in the green, with virtually no exceptions. The DeFi sector maintains the total value of protocols (TVL)…
Earlier today, The lower house of the U.S. Congress approved the controversial national defense act that includes crypto provision policies. The fate of the bill now lies in the hands of the U.S. Senate; hence the notion that it may stand as the law remains plausible. The defense bill focuses on the U.S. military’s expenditure and includes ways to innovate the financial industry.
In recent times, the U.S. government has sought several ways to adapt to the inevitable cryptocurrency mass adoption. However, the Securities and Exchanges Commission is somewhat making moves to counter steps towards achieving the goal. The approval of the crypto provision inclusive defense bill spells great times for U.S. crypto investors.
Making Steps Towards Financial Innovation
The bill in question has a provision dubbed ‘Eliminate Barriers to 5 Innovation Act of 2021’. The lower U.S. congress highlights how the SEC and CFTC would work together in the condition. Essentially, the governing body wants the two to build a foundation policy that efficiently regulates digital assets.
However, the Senate blocked an amendment on the bipartisan infrastructure bill, which could have lowered regulatory heat on crypto last month. The move today shows that the U.S. is ready to adopt crypto. However, it wants to do so with zero leniencies towards digital currencies.
The U.S. Treasury has been working together with the Senate to double down on sensitive matters like cryptocurrencies. Speaking after the Senate turned down the ‘crypto’ amendment of the infrastructure bill, a senate member said,
“We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.”
The White House’ Stance on Cryptocurrency Regulation
Still, the U.S. Senate holds the cards whether the defense bill with the crypto provision will become a law. Congressman Patrick McHenry is the house representative who forwarded the condition to the account. At one time, the congressman saw the SEC’s Chairman Gary Gensler’s comments about crypto regulation as a concern.
Mr. McHenry stated the SEC’s proposed jurisdiction over digital currencies might drop a setback to the country’s plight to understand the assets in general. Furthermore, he suggested that the CFTC and SEC determine who provides oversight over crypto regulation between them.
In August, the White House seconded the Senate’s plans to push for stricter policies on the regulation of digital currencies. It also insisted that the Senate’s amendment would echo tax compliance.