updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Senator Cynthia Lummis calls out Fed Chair Jerome Powell for sidelining Bitcoin-friendly Governor Stephen Miran. President Donald Trump appointed Miran as Fed Governor after the Powell-led Federal Reserve did not act on his requests to lower interest rates. Since his appointment in September, Governor Miran has repeatedly pushed for aggressive rate cuts. The Fed lowered
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]]>Senator Cynthia Lummis of Wyoming is set to make waves in the crypto community with her expected announcement at the upcoming Bitcoin Conference. According to a report, she plans to introduce legislation that could see Bitcoin held as a strategic reserve by the US Federal Reserve. This move could revolutionize the way digital currencies are perceived and integrated into the mainstream financial system.
According to Fox Business’ senior correspondent Charles Gasparino, Sen. Cynthia Lummis aims to unveil legislation at the Bitcoin Conference 2024. This bill would establish a pathway for the US Federal Reserve to hold Bitcoin as a strategic reserve asset.
Besides, Gasparino reported that the Senator hopes to gain support from former President Donald Trump, who is also speaking at the event. Notably, rumors have already gained traction in the market lately that Donald Trump is set to announce Bitcoin as a US Strategic Reserve at the upcoming Bitcoin Conference.
Notably, an exclusive report from Fox Business elaborates on Lummis’ plan. It states that the senator has been quietly working on this legislation, which could significantly alter the crypto industry by positioning Bitcoin as a mainstream financial asset. In addition, the report indicates that the Senator might announce her intentions during the conference, possibly before Trump’s speech, aiming to secure his endorsement.
Meanwhile, the bill’s specifics remain under wraps, but its primary goal is to direct the Federal Reserve to acquire and hold Bitcoin similarly to gold and foreign currencies. Meanwhile, this strategic move would help stabilize the US dollar and integrate Bitcoin into the country’s financial framework. Notably, the report states that Cynthia Lummis has been discussing the bill with her colleagues on the Senate Banking Committee to garner support.
Also Read: Coinbase To List This New Gaming Token, Price Rallies 160%
Alex Chizhik, Chief Commercial Officer at HarrisX, highlighted the potential significance of the bill. He noted that having the Federal Reserve hold Bitcoin as a strategic reserve asset would be a groundbreaking move, signaling the central bank’s embrace of innovation. This action could stabilize the U.S. dollar and bring legitimacy to Bitcoin as a financial asset, the report added.
However, despite the excitement, the bill faces potential hurdles. Implementing Bitcoin as a reserve asset would require backing from the president and Congress. Given the skepticism among political and economic circles about digital currencies, this could be challenging.
Meanwhile, critics argue that the volatile nature of Bitcoin might complicate its use as a hedge against economic uncertainties. Still, introducing such legislation would acknowledge Bitcoin’s legitimacy as a financial asset.
Notably, the US govt. already holds around 213K Bitcoins, valued at over $65,860 each, mostly seized from illicit actors. Considering that, Cynthia Lummis believes that incorporating Bitcoin into the Federal Reserve’s assets could support the strength of the U.S. dollar.
Meanwhile, the bill’s reception in Congress remains uncertain, but its introduction signifies a significant step towards mainstreaming Bitcoin. With endorsements and potential backing from Donald Trump, the cryptocurrency industry could see a substantial boost in the BTC price.
Also Read: USDC Issuer Circle Reveals Major Update To Drive Web3 Adoption
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a Bitcoin policy summit hosted by Swan Bitcoin on Wednesday, U.S. senator Ted Cruz displayed a significant deal of enthusiasm and bullishness towards the flagship cryptocurrency, Bitcoin. Cruz stated that he periodically buys Bitcoin every Monday morning and that he recently “bought the dip” when the price of Bitcoin dropped a few days back.
The Texas Republican commented that the comparison between Bitcoin and digital gold was compelling, and he was adamant in his belief that Bitcoin is “the alpha in the crypto sphere.” Moreover, he mentioned that he has a standing order to buy more Bitcoin next Monday morning and is willing to tolerate the volatility that comes with a long-term investment in risk-assets like cryptocurrencies.
Read More: First Republic Bank Crisis Deepens As US Govt. Refuses Intervention
Furthermore, he remains confident of the 21-million Bitcoin cap that was hard-coded into the digital currency during its creation. Addressing the panel, Cruz noted that he sees this number as a hedge against inflation, especially when U.S. politicians have been printing money at an alarming rate, coupled with Federal Reserve’s incessant rate hikes.
The 52-year-old Republican was quoted as saying:
I bought the dip which I was quite happy with, and I am also a long-term investor, so I am fine with some volatility, and I recognize there are going to be ups and downs, but 21 million is a firm number.
Cruz also brought attention to the fact that big governments like Russia and China were strongly opposed to the concept of cryptocurrency. “I like Bitcoin for the same reason why the Chinese communist government doesn’t like Bitcoin,” he continued to say. However, Cruz’s relationship with digital assets isn’t something new as it dates back quite some time.
In particular, the senator attracted a lot of media attention after he advocated making it mandatory for Capitol Hill to accept cryptocurrency payments. Additionally, the proposal — which was released earlier this year — would make it mandatory for food service providers and vending machines to accept cryptocurrency payments. In recent months, Cruz has vociferously argued against the establishment of a national Central Bank Digital Currency (CBDC) on concerns of privacy breaches.
As things stand, Bitcoin’s price is currently exchanging hands at $28,144 which represents a gain of 0.78% over the past 24 hours in comparison to a loss of 3.49% recorded over the past seven days.
Also Read: Binance’s New Initiative On Polygon Aims to Woo US Customers Amid Regulatory Scrutiny
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The bill was supported by some representatives of both the Republican and Democratic parties.
A new bill has been submitted by Senator Josh Hawley, this bill is expected to refrain members of Congress from trading and possessing stocks, leveraging the name of his legislation to criticize the investment activities of Rep. Nancy Pelosi and her family.
Hawley, on Tuesday, introduced the Pelosi Acr, also called the Preventing Elected Leaders from Owning Securities and Investments Act. The act has renewed a legislative boost to diminish stock trading by legislative members that had previously not been effective.
According to Hawley in a tweet, members of Congress and their spouses shouldn’t be exploiting their power to make money on trading stocks.
Hawley, similar to several other Republicans, had targeted the former Speaker and her family for initiating the ban on stock trading by members of Congress.
During the last year, Pelosi’s husband Paul Pelosi was found selling millions of dollars worth of shares of a computer chipmaker as the House readied itself to vote on a bill specifically focused on domestic chip manufacturing.
Paul Pelosi, according to a spokesperson, allegedly sold his shares at a loss ultimately.
The bill was supported by members of both parties, a consequence of Sen. Richard Burr emptying stocks at the beginning of the coronavirus pandemic. The securities and exchange commission very recently concluded an investigation of his trading practices and refrained from taking concrete action.
Legislative bodies are, however, not being able to manufacture a scheme that allows enough backing from both factions in Congress. Democrats, last year, discarded the decision to vote on this legislation before midterm elections after Pelosi overturned the course and communicated his approval to other members voting for stock trading reform.
In addition to Hawley’s bill, a bipartisan couple in the House has disclosed a bill this year on the subject. Reps. Abigail Spanberger and Chip Roy brought along the Trust in Congress Act this month, commemorating the pair’s third time introducing legislation.
The bill is a byproduct after discoveries from last year that claimed that Nancy’s spouse, Paul Pelosi, traded approximately one million dollars and 5 million of stocks for semiconductors a few days before Congress allotted around 50 million in USD to the industry. The stocks were subsequently traded at a massive loss to eliminate the impression of improperness.
The bill, presently, expects the President of the US, the Vice President, a particular executive branch employee, the Postmaster General, some civilian employees, and judicial officials to file a report that comprises the source, type, and value of income accumulated from any source separate from their current employment.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
After a week filled with controversy on the much debated Infrastructure Bill per the provisions of cryptocurrencies, Senator Pat Toomey has announced that a bipartisan compromise has been reached ahead of the Tuesday session in which Congress is billed to vote on all amendments and the bill as a whole. Speaking at a Press Conference, the Senator confirmed that the compromise now features a clause in which the new amendment would exempt software developers, transaction validators, and node operators, in the tax reporting requirements.
The compromise which is supported by all the factions with opposing proposals including Senators Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema, Ron Wyden and Pat Toomey now maintains that the crypto reporting requirement “should only apply to the intermediaries.”
This is a developing story and will be updated shortly
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Cynthia Lummis, Bitcoin supporter, and the US Senator from Wyoming has tweeted defending the crypto sphere against Senator Elizabeth Warren’s comments.
Senator Warren had accused the decentralized system to be guided by “Shadowy Super-Coders”, to which Cynthia Lummis has publicly taken a contradictory stance. Lummis highlighted how the crypto market is run by open-source developers, with publicly accessible codes and a decentralized ledger. She pointed out how blockchains facilitate peer-to-peer transactions, eliminating the aspect of trust or faith. She said, when everything is already public, the need for trust is diminished, and facts speak for themselves.
…Who commit open-source code to a transparent, publicly viewable, decentralized ledger — facilitating peer-to-peer transactions without the need for a trusted (but sometimes not actually trustworthy) third party. #btc https://t.co/VB1mHAkOiP
— Cynthia Lummis
(@CynthiaMLummis) July 27, 2021
On Monday, Senator Elizabeth Warren sent a letter to Treasury Secretary, Janet Yellen requesting to tighten the regulatory policy on the crypto industry. Furthermore, Warren discussed the drawbacks of cryptocurrencies at the Senate Banking Committee yesterday. She emphasized the volatile nature of the decentralized market, which could in turn affect the mainstream financial spheres if it kept growing at this speed.
“All the warning signs are flashing…The hype, the volatility, the wild claims that turn out to be false. As the crypto market grows, so do the risks to our financial stability and our economy.” said Warren.
Warren also scrutinized and raised suspicions on the decentralized nature of the crypto market. She accused the crypto market of being guided by superior coders with ulterior motives. She claimed that the system cannot be trusted to be free from intermediaries and can be easily manipulated by institutional giants and tycoons who can then have mining pools take control over the system.
“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me,” she said.
Senator Elizabeth Warren has made a place for herself on the list of top anti-crypto spokesperson. Warren is raising alarmist warning against the rising crypto usage in daily financial transactions as the doom of economic stability and security that the nations would not be able to get back from. She stated similar concerns in her letter, as well as in her speech on CBDCs last month.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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