The Treasury Scolded by Congresspeople for Rushing New Crypto Monitoring Proposal 0 17

Congresspeople

As the days of the commentary on the new crypto monitoring proposal come to an end, the U.S. Treasury is waiting anxiously for the law to get approved. However, it seems that the Congresspeople are not happy with the sudden action that has been taken by the Secretary of the U.S. Treasury.

It has been reported that a decent number of Congresspeople have taken matters into their hands regarding the new crypto ruling. There are nine Congresspeople that have signed and sent a written letter to the Secretary of the U.S. Treasury. In the letter, the Congresspeople have simply asked the Secretary ‘Steven Mnuchin’, to not haste things up.

The letter from the Congresspeople comes in response to the recent law that had been proposed by Steven Mnuchin. According to the new ruling, all the firms registered with the U.S. regulators would be required to gather customer information. In the ruling, the gathering of information was stressed by Steven Mnuchin when it came to processing transactions through self-hosted wallets.

As soon as the news of the new proposal landed on media, it spread like a wildfire throughout the crypto-space. The new proposal made by Mnuchin received enormous resistance and negative feedback from the cryptocurrency community.

There are many users that have shared their grievances over the proposal of the new ruling. Many are stating that this is a deliberate attempt made by the Secretary of the U.S. Treasury before he gets replaced by Janet Yellen. The rule has been proposed a month before Joe Biden was to take charge at the office as the 46th President of the United States.

With this move, it would be Joe Biden who would be thrown under the bus. It would be Joe Biden’s administration that would be held answerable for the implementation of the new law.

What has raised the alarms, in this case, is that when a new ruling is proposed, it is followed by a 60-day commentary period. In this period, the entities being affected directly or indirectly by the new ruling have the opportunity to present their arguments. They can share their concerns and consequences their sector would end up facing following the passing of the ruling.

However, what is more, concerning is that for this ruling, the U.S. Treasury has allocated only 15 days for commentary. This goes onto prove that the Secretary of the U.S. Treasury is trying to get the rule passed without being intervened by the new president.

The Congresspeople that have signed the letter include Tom Emmer, David Schweikert, Warren Davidson, Darren Soto, and Ted Bull. These are the Congresspeople that have been the proponents of the cryptocurrency industry.

However, the rest of the Congresspeople who are neutral to crypto-industry but have signed the letter include Suzan DelBene, Sen. Tom Cotton, TulsiGabbard, and Bill Foster.

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Bitcoin Will Drop Down to $20k a Piece, Says the Guggenheim CIO 0 8

It was just two weeks ago when Bitcoin (BTC) prices were hitting their all-time high of $41k per Bitcoin (BTC). Then suddenly the prices of Bitcoin (BTC) starting dropping significantly. In a matter of 48-hours, the price of Bitcoin (BTC) came down by $11k only to bounce back to $35k in the next couple of hours.

However, since the set-back, Bitcoin (BTC) has been having a hard time keeping up. Although there were many analysts who predicted Bitcoin’s price drop was due, yet they stated that it will grow in price again. Right after the plunge, Bitcoin (BTC) did manage to make a comeback but it was not a long-lived success.

In a matter of days, Bitcoin (BTC) again came all the way down to $33k per Bitcoin (BTC) and then again bounced back. Just a few days back Bitcoin (BTC) managed to go all the way up to $38k per Bitcoin (BTC). However, it is again sitting at $33k apiece, which goes onto show exactly how volatile Bitcoin (BTC) has become.

Bitcoin (BTC) has again become extremely volatile in the past two weeks. As it keeps showing the volatile nature, many investors have started growing uncertain about its stability. There are many investors who have already sold their Bitcoin (BTC) with fears of facing another plunge since 2017.

Based on the above case, one of the senior executives at Guggenheim Partners has made his prediction around Bitcoin (BTC) price. According to the executive, Bitcoin (BTC) is currently destined to go all the way down to $20k per BTC. No matter how many times it fluctuates and it manages to go up, Bitcoin (BTC) will eventually drop down to $20k per BTC.

According to the Guggenheim executive, Scott Minerd, Bitcoin (BTC) will not be able to hit an all-time high for the rest of the year 2021. Minerd shared his views around the price of Bitcoin (BTC) in an episode of the “Closing Bell” show airing on CNBC.

Minerd predicted that after hitting an all-time high of $41k per BTC, it is highly unlikely for Bitcoin (BTC) to again hit an all-time high in the running year.

Although Minerd has made this prediction around Bitcoin (BTC) price looking at the current situation, it does not mean that he has started criticizing Bitcoin (BTC).

According to him, Bitcoin (BTC) is still one of the most reliable investment assets and will continue to grow with respect to the adoption rate. Despite his recent comment about Bitcoin (BTC) taking a plunge down to $20k per Bitcoin (BTC), he still maintains his stance on another prediction.

Minerd has predicted that one day, Bitcoin (BTC) will manage to hit the $400k per BTC mark.

Dubai Regulatory Authority to Introduce Cryptocurrency Regulations 0 8

It was almost 11 years ago when the cryptocurrency industry was introduced to the entire world with the launch of Bitcoin (BTC). At that time, the industry was strongly opposed by the regulatory authorities as well as financial institutions.

The need for the cryptocurrency industry was felt when the traditional finance institutions had started taking too much control of people’s personal information. It was the financial institutions that had started dictating people and putting too much pressure on people.

That was the time when there was a need for an alternative to the traditional financial system to be established. A system that granted people the authority to control how much of the personal information they wanted to share with the providers. The cryptocurrency industry was developed on a decentralized platform that did not appreciate the interference of third parties. Whether it was a sale, purchase, or trade, there were no intermediaries involved on this platform.

However, the financial institutions as well as many countries started opposing the idea and were not ready to adopt the platform. As time went by, the cryptocurrency industry has grown enormous and has reached a cryptocurrency community of 200 million active users.

Just recently, the cryptocurrency industry hit a market capitalization of $1 trillion. This has brought the cryptocurrency industry into the spotlight and countries from around the world have started adopting the industry.

One of the recent countries that are looking forward to welcoming cryptocurrency on its soil is Dubai. According to the recent reports, the major regulatory authorities from Dubai are currently in the process of composing the regulatory guidelines in the country.

The Dubai regulatory agencies involved in the process include the Dubai International Financial Centre and the Financial Services Authority. These regulatory authorities are currently involved in enhancing the regulatory structure as well as the regulations in the country.

The Dubai Financial Services Authority has revealed that it is planning to ready and launch the regulatory framework for diverse digital assets for the years 2021 and 2022. The announcement was made by the DFSA on the working of the digital assets regulatory framework on January 18, 2021.

Once the new regulatory infrastructure is released and implemented, it will turn out to be very essential for the cryptocurrency industry in Dubai. It will allow the cryptocurrency firms in the country to provide their services on a larger scale. They will be able to offer investors more trading assets and will also be able to target businesses and enterprises in the country.

Most importantly, the firms will have full support from the Dubai regulatory authorities in the expansion of new services being introduced in the Bitcoin (BTC) verse.

The DFSA has announced that it will be publishing two consultation papers that will be public for commenting and feedback.

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