Ethereum
A surprise, game-changing crypto bill could be about to quietly detonate the price of Bitcoin, Ethereum and XRP
Bitcoin
Bitcoin
and other major cryptocurrencies including Ethereum and XRP
XRP
have soared since falling to their 2022 lows (as President Joe Biden and former President Donald Trump are warned ‘there is only one way to save the US dollar’).
The price of bitcoin has rallied to its previous all-time high of around $70,000 per bitcoin.and could be on the verge of going “parabolic” after traders spotted a surprise price trend.-while Ethereum, XRP and other cryptocurrencies prepare for their own Wall Street earthquake.
NOW, as Trump and Biden rush toward Bitcoin showdownA potentially game-changing bill with a surprise crypto provision has passed a Senate committee, in what could be the most significant U.S. crypto policy ever if it becomes law.
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Bitcoin and crypto have become a major political issue ahead of this year’s showdown between the United States… [+] President Joe Biden and former President Donald Trump, which could cause price chaos for Bitcoin, Ethereum and XRP.
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The US Senate Select Committee on Intelligence Funding recently passed a nearly unnoticed crypto provision that would require crypto companies to collect more user information or risk being caught in sanctions designed to prevent funding of terrorism.
The passage, spotted by eagle-eyed journalists at Coindesk, “would speed up and automate the process of sanctioning “foreign facilitators of digital asset transactions” – including crypto exchanges – that are linked to users who support terrorist groups.
The Intelligence Authorization Act (IAA) cleared the committee by a unanimous vote of 17-0, although its cryptographic section was not mentioned when Senator Mark Warner, a Democratic lawmaker from Virginia and chairman of the committee, announced the vote in a press release.
“This year’s bill strengthens the capabilities of the IC [U.S. intelligence community] ability to identify and counter emerging technological threats posed by adversary nations,” said Senator Warner. wrote. “The IAA also designates foreign ransomware organizations as hostile cyber actors and ensures that the IC has the tools it needs to counter economic coercion and illicit technology transfer.”
Bitcoin and crypto are often demanded by hackers in ransomware attacks.
However, crypto industry insiders interviewed by Coindesk say this provision is unlikely to survive the budget process.
“I think it will probably be removed from the NDAA. [National Defense Authorization Act] process given the immediate reaction from the industry,” Digital Chamber Police Chief Cody Carbone told Coindesk.
Last month, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which divides responsibility for regulating cryptocurrencies between the Securities and Exchange Commission. Commission (SEC) and the Commodities Futures Trading Commission (CFTC). supported by crypto companies and pro-crypto lobby groups.
The Biden administration has sought to soften its stance toward bitcoin and crypto in recent weeks after 2024 White House candidate Donald Trump pledged support for the crypto industry.
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The price of bitcoin has skyrocketed over the past year, pushing bitcoin, ethereum, XRP and others… [+] cryptocurrencies are coming back to the forefront.
Forbes Digital Assets
Last week, Trump reportedly launched a crypto charm offensive at a Silicon Valley fundraiser hosted by investors David Sacks and Chamath Palihapitiya. reported by Reuters.
The fundraiser, which sold the best tickets for $250,000, took place would have sold and pocketed Trump about $12 million.
“He said he would be the president of crypto,” Trevor Traina, a San Francisco-based technology executive and former Trump ambassador to Austria, was quoted by the newswire, while Jacob Helberg, an advisor to the data analytics company Palantir, said: “President Trump has made it clear that the Biden-Gensler crusade against crypto will stop within an hour of a second Trump administration,” referring to SEC Chairman Gary Gensler.
Trump has weighed in on bitcoin and crypto in recent weeks after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs) and putting him in stark contradiction to the position anti-crypto from the Biden administration. Trump declared his support for crypto in late May and began accepting campaign donations in Bitcoin, Ethereum, Solana, Dogecoin and Shiba Inu.
“Crypto is such a clear win,” Jason Calacanis, an investor who hosts the All In podcast alongside Sacks, Palihapitiya and David Friedberg, said on last week’s show. to showrecorded before fundraising.