Congress

Senator Cynthia Lummis has introduced the Strategic Bitcoin Reserve bill to the US Congress, marking the start of a legislative process with significant potential impacts on the cryptocurrency market and US economic policy. On August 3, Senator Lummis announced that the Senate Committee on Banking, Housing, and Urban Affairs received the Bitcoin Act of 2024 (S.4912). US Bitcoin Reserve Bill Begins Legislative Process The Congress website shows that the bill was read twice before being assigned to the committee. It…

Ripple’s $25 million contribution to Fairshake Super PAC marks a significant step to enhance its influence in U.S. politics and could impact the XRP price. This donation intensifies Ripple’s efforts to sway legislative support in favor of cryptocurrency, amidst its ongoing legal battles with the SEC. Ripple, the digital payments giant, has contributed $25 million to Fairshake, a Super Political Action Committee (Super PAC) that promotes bipartisan Congressional candidates supportive of cryptocurrency innovation in the U.S. As reported by Fox…

The post Bitcoin Whales Accumulate $1.4 Billion BTC as US Congress Passes FIT21 Bill appeared first on Coinpedia Fintech News The notable cryptocurrency regulatory shift in the United States has triggered a fresh Bitcoin (BTC) bullish frenzy, largely benefiting the altcoin industry. Interestingly, several Congress members have urged US SEC Chair Gary Gensler and other commissioners to approve the spot Ethereum (ETH) ETFs on Thursday. Moreover, the US Congress almost unanimously passed the FIT21 bill that sheds clear crypto regulations…

The post Rep. McHenry Alleges SEC Chair Gensler Misled Congress on Ethereum Status appeared first on Coinpedia Fintech News Rep. Patrick McHenry (R-NC), Chair of the House Financial Services Committee, accused SEC Chair Gary Gensler of misleading Congress about Ethereum’s status. Consensys’s unsealed document from a lawsuit reveal Ethereum’s year-long internal consideration by the SEC as an unregistered security. Also, McHenry has criticized the SEC’s contradictory public stance and private actions, and called it a “regulation by enforcement.” Next week’s…

SEC Chairman Gary Gensler’s contradictory statements on the classification of Ethereum have been the crux of the lawsuit brought against the regulatory body by blockchain software company Consensys.  The ETH Controversy: Commodity Or Security?  SEC Chairman Gary Gensler is again under fire because of his views on cryptocurrency, this time for claiming ETH as a security. He is accused of 'misleading Congress' on the crucial matter of Ethereum's classification as securities, a charge that could have far-reaching implications.  The US…

Maxine Water – chairwoman of the House Financial Services Committee – is doubling down on requests for Sam Bankman-Fried (SBF) to appear on Capitol Hill.  The California representative said it is imperative he testifies before congress on December 13th, despite his hesitation.  On Sunday, SBF responded to Waters’ initial invitation to testify, in the spirit of assisting the now-insolvent FTX’s customers and investors. The former CEO said he would testify once he felt he had a firm understanding of what happened…

The newly-founded “global community of technologists” has sent a letter to US Congress advocating skepticism of the crypto industry. The group – featuring 26 computer scientists and academics – combats the positive spin put forth by cryptocurrency lobbyists thus far. No Real Benefits Thursday’s letter – directed toward House and Senate Leaders alike – argues that crypto assets are not “unreservedly good”. It calls for the creation of a regulatory “safe haven” from so-called “risky, flawed, and unproven digital financial…

With discussions for a US-based CBDC underway, forces are already acting to ensure it doesn’t mimic China’s digital yuan. For example, Tom Emmer – a Republican House member – recently introduced a bill preventing the Fed from issuing a CBDC directly to individuals. Stepping Away From Authoritarianism Emmer announced the bill in a tweet on Wednesday, attached to a thread explaining its purpose. He insisted that a United States CBDC must ensure financial privacy, cultivate innovation, and maintain the dollar’s…