{"id":18952,"date":"2022-06-05T10:32:51","date_gmt":"2022-06-05T10:32:51","guid":{"rendered":"http:\/\/egrowonline.com\/?p=18952"},"modified":"2022-06-05T10:32:51","modified_gmt":"2022-06-05T10:32:51","slug":"fully-integrate-into-financial-system-bitcoin-and-crypto-now-braced-for-a-massive-earthquake-that-could-hit-the-price-of-ethereum-bnb-solana-cardano-xrp-tron-and-avalanc","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=18952","title":{"rendered":"\u2018Fully Integrate Into Financial System\u2019\u2014Bitcoin And Crypto Now Braced For A Massive Earthquake That Could Hit The Price Of Ethereum, BNB, Solana, Cardano, XRP, Tron And Avalanche"},"content":{"rendered":"


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Bitcoin and cryptocurrency prices have been treading water over the last month after a huge crypto crash (though some high-profile industry insiders are now warning “crypto winter” has returned<\/a>). <\/p>\n

Subscribe<\/em><\/strong> <\/em>now to <\/em><\/strong>Forbes’ CryptoAsset & Blockchain Advisor <\/em>and successfully navigate the volatile bitcoin and crypto market<\/em><\/strong><\/a><\/p>\n

The bitcoin price, down more than 50% from its all-time highs, is stuck at around $30,000 per bitcoin while smaller cryptocurrencies ethereum, BNB, solana, cardano, XRP, tron and avalanche are faring even worse amid fears some projects won’t recover<\/a>. <\/p>\n

Now, bitcoin-supporting senator Cynthia Lummis (R-WY) has said she’s finally ready to unveil the details of a long-awaited crypto bill<\/a>\u2014a proposal she claims will “fully integrate digital assets into [the] financial system.”<\/p>\n

Want to stay ahead of the market and understand the latest crypto news? <\/strong>Sign up now for the free CryptoCodex<\/em><\/strong><\/a>\u2014A daily newsletter for crypto investors and the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>Report Reveals Game-Changing White House Crypto Plans That Could Have A Serious Bitcoin And Ethereum Price Impact<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a><\/p>\n

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Senator Cynthia Lummis has been working with a bipartisan group of U.S. lawmakers to create a … [+]<\/span> “comprehensive” bitcoin and crypto bill to “fully integrate digital assets into our financial system.”<\/span><\/p>\n

ASSOCIATED PRESS<\/small>
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“We\u2019ve been teasing it for months, but the time is almost here\u2014a proposal to fully integrate digital assets into our financial system,” Lummis posted<\/a> to Twitter. “Excited to finally unveil this effort next week.”<\/p>\n

The bill, in the works for months, is expected to define whether different cryptocurrencies are either securities or commodities and which agency will have oversight of them\u2014either the Securities and Exchange Commission (SEC) or the Commodity Future Trading Commission (CFTC).<\/p>\n

Last month, The Block<\/em> reported<\/a> some in the crypto community have expressed concern that the bill could label many cryptocurrencies\u2014potentially including the likes of ethereum, BNB, solana, cardano, XRP, tron and avalanche\u2014as securities. <\/p>\n

Speaking<\/a> at a Heritage Foundation event last week, Lummis outlined what the bill will include.<\/p>\n

“It is a very comprehensive bill, it will be filed on June 7,” Lummis said. “It includes coins that are commodities, coins that are securities, it includes stablecoins, it includes a discussion about CBDCs [central bank digital currencies], consistent with what we heard earlier and a small nod to NFTs [non-fungbile tokens].<\/p>\n

Stablecoins, designed to be pegged one-to-one with traditional currencies, CBDCs, and NFTs have all been propelled to the forefront of the regulatory agenda in recent months. The complete collapse of the terraUSD stablecoin and its support coin luna in May sent shockwaves through the bitcoin and crypto market, sparking fears other areas of the crypto ecosystem could also falter.<\/p>\n

“[The bitcoin and crypto bill] is going to be bipartisan, it\u2019s been broadly vetted by people in both parties,” said Lummis, who has previously said the bill will first be released in draft form before being introduced in Congress. “It\u2019s been broadly vetted by both bureaucrats and regulators. As well as the innovative community. So we think we are on the right track, we think we have found that sweet spot.”<\/p>\n

Appearing alongside Lummis at the Heritage Foundation were major bitcoin investor Michael Saylor and Texas Republican senator Ted Cruz, who has bought bitcoin and said at the event he wants to make Texas an “oasis on planet Earth for bitcoin and crypto.”<\/p>\n

Sign up now for CryptoCodex<\/em><\/strong><\/a>\u2014A free, daily newsletter for the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>‘Brace Yourself’-Wall Street Legend Issues A Serious Fed Warning As A New Crypto Price Crash Hits Bitcoin, Ethereum, BNB, XRP, Solana And Cardano<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a><\/p>\n

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The bitcoin price has swung wildly over the last year, rocketing to almost $70,000 per bitcoin … [+]<\/span> before crashing back and dragging down ethereum, BNB, XRP, solana, cardano, avalanche, tron and other major cryptocurrencies. <\/span><\/p>\n

Coinbase<\/small>
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“Michael Saylor was one of our first set of eyes on it because his expertise is long-standing and we want to make sure we have lots of input before we file it,” Lummis said.<\/p>\n

“Additional regulatory clarity … is going to benefit bitcoin and accelerate institutional adoption of that asset,” Saylor told<\/a> CNBC<\/em> in February. <\/p>\n

Elsewhere, reports emerged this week the Biden administration is working on a set of policy recommendations targetting bitcoin and crypto’s sky-high energy consumption and carbon footprint<\/a>.<\/p>\n

The report could be one of the first following president Joe Biden\u2019s March executive order that directed federal agencies to get a handle on the fast-growing crypto market and industry and publish reports that could guide the administration’s policy decisions.<\/p>\n<\/div>\n


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Bitcoin and cryptocurrency prices have been treading water over the last month after a huge crypto crash (though some high-profile industry insiders are now warning “crypto winter” has returned). Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market The bitcoin price, down more than 50% from its […]<\/p>\n","protected":false},"author":1,"featured_media":18953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[939,564,2782,266,62,2783,158,1053,6226,133,1664,527,195,84,8747,312,58],"class_list":["post-18952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-avalanche","tag-bnb","tag-braced","tag-cardano","tag-crypto","tag-earthquake","tag-ethereum","tag-financial","tag-fully","tag-hit","tag-integrate","tag-massive","tag-price","tag-solana","tag-systembitcoin","tag-tron","tag-xrp"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/1654425168_0x0.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18952"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18952\/revisions"}],"predecessor-version":[{"id":18954,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/18952\/revisions\/18954"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/18953"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18952"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}