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The Bitcoin price continues to find buyers above $30,000, albeit amidst relatively flat market movements. After big rises, the ensuing horizontal movement often gives birth to higher volatility movements. We’ll see what happens in the coming hours. Meanwhile, July will be a busy month for cryptocurrencies.
Crypto Law in the Pipeline
Securities and Exchange Commission Chairman Gary Gensler and Treasury Secretary Janet Yellen have been summoned to provide their analyses on the Republican-led digital asset market bill, which will be put to a committee vote in the coming weeks.
Maxine Waters, the leading Democratic member of the House Financial Services Committee, asked both in a letter to share their thoughts on the Digital Asset Market Structure Discussion Draft. Waters is open to suggestions or amendments to existing law that will protect investors in the digital asset space.
The bill, proposed by House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn Thompson, aims to provide a pathway for a digital token to transition from being treated as a security to being treated as a commodity.
Waters has asked Yellen and Gensler to be prepared to inform the Members of the House Financial Services Committee about their views and suggestions after submitting their written response to this letter. She requested the responses to be submitted by June 30.
McHenry plans to hold a committee session to vote on the legislation in the second week of July. This will be the biggest step for the US regarding crypto regulation.
July for Cryptocurrencies
With the support of both parties, we may see the bill pass the House of Representatives next month. It will then go to the Senate and Biden. The issue is that even with the support of both parties, most Democrats are against cryptocurrencies. Due to their majority in the Senate, there is a high chance that this won’t make it to Biden. Plus, with the approaching elections, Biden has preferred to take an anti-cryptocurrency stance, even using it to attack Republicans.
The developments during the voting process of the bill next month can bring about significant volatility in cryptocurrencies, potentially with a surprise approval. The largely positive bill would help the rise of cryptocurrencies. On the other hand, the interest shown by giants like BlackRock towards Bitcoin is telling us something. At least for Bitcoin, a legal ground could be established before the elections. The most reasonable scenario is the priority regulation of stable coins and crypto service providers, with politicians expected to delve into altcoins and more detailed topics after the elections.
