free webpage hit counter

Biden Reveals Official Crypto Plans Amid $2 Trillion Terra Luna Led Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Price Drops

And cryptocurrencies were hit hard this year by a brutal crash that sent the price of major cryptocurrencies into a tailspin.

Subscribe Now to Forbes’ Crypto Asset and Blockchain Advisor and successfully navigate the volatile Bitcoin and crypto markets

Bitcoin price has crashed below the closely watched $20,000 per bitcoin level, down more than 70% from its all-time high late last year. Ethereum and ten other cryptocurrencies BNBBNB
Solana, cardano and dogecoin have also seen similar declines—with some speculating that more pain may be on the way.

Now, after Wall Street giant Deutsche Bank issued a surprise bitcoin price forecast this week, reports have emerged that the Biden administration could pass crypto legislation regulating stablecoins like the recently collapsed TeraUSD and its backing coin Luna as early as this year.

Want to stay ahead of the market and understand the latest crypto news? Sign up now for free CryptocodexA daily newsletter for traders, investors and the crypto-curious

This week, the President’s Working Group on Financial Markets, a group that includes several financial regulators, met with an anonymous official to discuss stablecoin legislation. Coindesk The legislative package could become law by the end of the year. It defines stablecoins for the purposes of US regulation and addresses how they are used, the source said.

The stablecoin market has ballooned in recent years with the largest stablecoin Tether now having a market capitalization of nearly $70 billion. Stablecoins—cryptocurrencies pegged to traditional currencies like the US dollar—are used to facilitate payments and ease people’s access to some cryptocurrency exchanges that don’t support direct deposits.

This year, the collapse of TeraUSD, an algorithmic stablecoin that used a cryptocurrency called Luna to manage its US dollar peg, sent shockwaves through the crypto market and galvanized regulators to fine-tune the technology and protect users.

Sign up now CryptocodexA free, daily newsletter for the crypto-curious

More from ForbesCoinbase Document Reveals Bitcoin, Ethereum and Tether Bombshell Amid Fresh Crypto Price Crash

The collapse of TerraUSD and Luna shook the confidence of many crypto investors, which was further shaken by many crypto lending companies suspending withdrawals in recent weeks amid spiraling Bitcoin, Ethereum and crypto prices.

In Europe, lawmakers this week reached agreement on tough new rules designed to ensure stablecoins maintain enough reserves to meet redemption requests in the event of a mass withdrawal.

EU lawmaker Stefan Berger said the rules would “put order in the wild west of crypto assets,” adding that the rules would “provide legal certainty for crypto-asset issuers, guarantee equal rights for service providers, and ensure high standards for consumers and investors.”

Leave a Reply

Your email address will not be published.

Previous post How to get out of jail
Next post How to Watch San Diego Wave vs. Washington Spirit, Live Stream: 2022 NWSL Picks, Predictions