”Fully integrated into the financial system” – Bitcoin and Crypto are now poised for a massive earthquake that could hit the price of Ethereum, BNB, Solana, Cardano, XRP, Tron and Avalanche

Bitcoin and cryptocurrency prices have been treading water over the past month after a massive crypto crash (although some high-level industry insiders are now warning that “crypto winter” is upon us again).

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Bitcoin price, down more than 50% from all-time highs, is stuck at around $30,000 per bitcoin while smaller cryptocurrencies ethereum, BNB, solana, cardano, XRP, tron ​​and avalanche fare even worse amid fears some projects won’t make it. retrieve.

Now, bitcoin-supporting Sen. Cynthia Lummis (R-WY) has said she’s finally ready to unveil the details of a long-awaited crypto bill — a proposal she says will “integrate fully digital assets in [the] financial system.”

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“We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system,” Lummis said. job to Twitter. “Excited to finally unveil this effort next week.”

The bill, which has been in the works for months, is expected to define whether different cryptocurrencies are either securities or commodities and which agency will oversee them, either the Securities and Exchange Commission (SEC) or the Commodity Future Trading Commission. (CFTC).

Last month, The block reported some members of the crypto community have expressed concern that the bill could label many cryptocurrencies, potentially including Ethereum, BNB, solana, cardano, XRP, tron, and avalanche, as securities.

Speaking at a Heritage Foundation event last week, Lummis outlined what the bill will include.

“It’s a very comprehensive bill, it will be tabled on June 7,” Lummis said. “This includes coins that are commodities, coins that are securities, this includes stablecoins, this includes a discussion of CBDCs [central bank digital currencies]consistent with what we heard earlier and a little nod to NFTs [non-fungbile tokens].

Stablecoins, designed to be pegged individually to traditional currencies, CBDCs and NFTs, have all rocketed to the forefront of the regulatory agenda in recent months. The complete collapse of stablecoin terraUSD and its supporting coin luna in May sent shockwaves through the bitcoin and crypto market, raising fears that other areas of the crypto ecosystem could also falter.

“[The bitcoin and crypto bill] is going to be bipartisan, it’s been widely endorsed by people from both parties,” said Lummis, who previously said the bill would first be released in draft form before being presented to Congress. “It has been widely approved by bureaucrats and regulators. As well as the innovative community. So we think we’re on the right track, we think we’ve found that sweet spot.”

Appearing alongside Lummis at the Heritage Foundation, leading bitcoin investor Michael Saylor and Republican Texas Senator Ted Cruz, who bought bitcoin and said at the event that he wanted to make Texas an “oasis on planet earth for bitcoin and crypto”.

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“Michael Saylor was one of our first to watch it because his expertise is long standing and we want to make sure we have a lot of information before we drop it,” Lummis said.

“Additional regulatory clarity … will benefit bitcoin and accelerate institutional adoption of this asset,” Saylor said. Told CNBC in February.

Elsewhere, reports emerged this week that the Biden administration is working on a set of policy recommendations targeting the exorbitant energy consumption and carbon footprint of bitcoin and crypto.

The report could be one of the first to follow President Joe Biden’s March executive order that directed federal agencies to rein in the fast-growing crypto market and industry and release reports that could guide policy decisions. administration.

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Don F. Davis