Markets News Report
June 22, 2023

Bitcoin Surges Above $30,000 Amidst Anticipation for U.S. House’s Crypto Regulation Decision in July

In Brief

The crypto market is showing signs of bullishness as the U.S. anticipates a vote on crypto legislation in July.

The new draft bill aims to provide a clearer regulatory framework for digital assets in the country.

Federal Reserve Chair Jerome Powell said, “We do see payment stablecoins as money.”

The crypto market is showing early signs of bullishness as Bitcoin surges past $30,000 ahead of the U.S. House Committee’s crypto legislation vote in July.

Bitcoin Surges Above $30,000 Amidst Anticipation for U.S. House's Crypto Regulation Decision in July

Per a report by The Block, the vote for the two proposed new laws is set to take place in the second week of July. The new draft bill aims to provide a clearer regulatory framework for digital assets in the country.

House Financial Services Committee Chair Patrick McHenry, R-N.C said the legislation could create a clearer pathway for digital assets to move from security to commodity, which entails fewer regulatory requirements. This comes at a time when Binance and Coinbase are embroiled in an ongoing lawsuit with the Securities and Exchange Commission (SEC) for allegedly operating as unregistered securities exchanges.

McHenry and Rep. Glenn ‘GT’ Thompson, R-Pa., the Republican chair of the House Agriculture Committee, drafted the legislation. For it to be passed as law, Democrats in the Senate and President Joe Biden would have to sign off on it.

However, the legislation could hit a snag as Federal Reserve Chair Jerome Powell said that the central bank should play a bigger role in approving the issuance of stablecoin. “We do see payment stablecoins as money,” Powell said in testimony in front of the House Financial Services Committee on Wednesday.

“We believe that it would be appropriate to have a quite robust federal role in what happens in stablecoins going forward, and leaving us with a weak role and allowing a lot of private money creation at the state level would be a mistake.”

Powell also said that a central bank digital currency could potentially disrupt financial privacy and that it’s not something the Fed would support. He added that if they were to support a Central Bank Digital Currency (CBDC) in the future, it would intermediate through the banking system rather than directly at the Fed due to privacy concerns.

In anticipation of a comprehensive stablecoin regulatory framework, cryptocurrency firms eagerly await the release of clear guidelines from regulators. The guidelines would enable the firms to offer their services across the U.S. instead of registering their businesses separately in accordance with individual state jurisdictions.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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