Cryptocurrency Regulatory Bill In Brazil Heads To The Senate

Cryptocurrency News

Some top crypto brands are trading higher. BNB and Polygon rose by 4%. Dogecoin, Solana and Shiba Inu also traded with gains. Meanwhile, the cryptocurrency wallet is trading higher than $1.11 million, which is 3.85% in the last 24 hours.

Cryptocurrency Regulatory Bill In Brazil Heads To The Senate

The total volume of DeFi is currently at 5.31 billion, 7.97% of the total crypto-box 24-hour volume. The volume of all stablecoins stood at $63.35 billion, which is 94.99% of the total crypto-box 24-hour volume.

The value of BTC in the last 24 hours stood at about $10.73 billion, down 10.73% in the last 24 hours.

The box office of Bitcoin, the world’s largest cryptocurrency, is about $499.16 billion. Bitcoin dominance is currently at 44.84%, up 0.63% on the day, according to CoinaketCap.

Sathvik Vishwanath, Co-Founder & amp; The CEO of Unocoin said: “The price of Bitcoin is recovering, with the highest support at $22,500 and the possibility of reaching $31,000 if the level at $26,200 is destroyed.”

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According to Rajagopal enon, vice president of WazirX, “ajor arket oscillators indicate an uncertain situation. The relative strength index (14) stands at 66.50, with an uncertain outlook. The Stochastic % K (14, 3 , 3) and average direction Index (14) shows a biased view as well as 78.49 and 26.46.

“The ACD level (12, 26), at 433.51, indicates a buy. The Stochastic RSI Fast (3, 3, 14, 14) and the Willias Percent Range (14) remain Neutral at 97.16 and -12.21, respectively ,” enon added.

(Disclaimer: Recommendations, suggestions, opinions and opinions are given by the experts themselves. They do not represent the opinions of The Econoic Ties)

(What’s up Sensex and Nifty Track latest arket news, stock tips and expertise on ETarkets. Also, ETarkets.co is now on Telegra. For instant updates on stock market news, investing strategies and stock alerts, subscribe to our Telegra feeds. )

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Econoy could grow 6% in FY24: EconoistsAbu Dhabi’s 10X AD, Apollo in discussions to invest in age Byju or AakashSnap India doubles users, joins ’22Reckless. speculation. Legally. These are some of the comments that Senate Finance Chairman Sherrod Brown made about the crypto industry while speaking at a hearing on Capitol Hill where experts confirmed that digital assets need more attention, just a few days after that in a series of regulations against cryptocurrency companies. .

“The economy does not love heroes,” Brown, a Democrat, said in his opening statement. “He likes rich people.

He called digital assets “commercial products run by unscrupulous companies” that put America’s money at risk and said it’s no wonder “an industry has been created to circumvent the rules. We need a comprehensive framework to protect crypto- to regulate products. to protect consumers and our financial. system.”

The regulatory order comes after the collapse of crypto exchange FTX. Its collapse and a series of failures and bankruptcies among other crypto companies left many investors’ assets stranded and led to a fall in crypto that led to the so-called ‘crypto winter’.

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Today’s hearing comes days after the Securities and Exchange Commission (SEC) Kraken and the New York Department of Financial Services (NYDFS) imposed a $30 million ban on crypto platform Paxos, Binance USD (BUSD), a stablecoin that priced , fined. American dollars.

One of the reasons creating rules for cryptocurrencies has proven challenging: they are not in a clear regulatory bucket. Whether cryptocurrencies are securities, and therefore should be regulated by the SEC, is the subject of debate.

While most cryptocurrencies are securities, some, like bitcoin, are commodities, according to Lee Reiners, policy director at the Duke Financial Economics Center. “The best, and most appropriate, way is for Congress to cut money from the definition of a commodity in the Commodity Exchange Act and recognize cryptocurrencies as securities under a special definition. protection law,” Reiners testified.

Cryptocurrencies undermine economic security, undermine climate goals and undermine national security by facilitating terrorist financing, Reiners said. “Obviously the costs outweigh the benefits.”

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Bitcoin prices rose to over $20,000 in 2017, before falling below $3,500 in 2019, then hovering above $60,000 in 2021 and recently falling to $21,000. This does not mean that the market will not recover. : Coinmarketcap says that thousands of cryptocurrencies have a combined market cap of more than $1 million.

“The number of permanent developers in the crypto space will grow 8% year-on-year in 2022, despite a 70% drop in prices,” said Linda Jeng, global CEO and general counsel of the crypto- advocacy group Crypto Council for Innovation, said. in his testimony.

“Even if the crash has some negative effects, we also have to remember that crypto serves some real needs around the world,” he affirmed. “It’s important to be special and look at the world.”

The SEC has come under fire from the crypto industry and also from within for its use of regulations through enforcement. SEC Commissioner Hester Pierce strongly objected to the regulator’s actions against Kraken last week.

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“I am pushing for the creation of a government law for self-regulation, where cryptocurrency exchanges, like Self-Regulatory Organizations (SROs), are mandated by the authorities to write, manage and control laws for the market,” Yesha Yadav , a professor at Vanderbilt University Law School, said in his testimony.

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By clicking “Accept all cookies”, you agree to store cookies on your device to improve site usage, analyze site usage and assist our marketing efforts. crypto asset market (MiCA) on Thursday. The unique new law comes as a highly specialized set of rules specific to the crypto market at a time when the US administration has failed to build a strong trust and a crypto-regulatory roadmap. The European Union regulation aims to provide common rules for crypto-assets at the EU level. This regulatory framework provides legal certainty for crypto-assets not covered by current EU legislation.

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The Markets in Crypto Assets Act (MiCA), considered the most comprehensive regulation for crypto, is set for an official vote during the EU Parliament session scheduled until Thursday. The text for the MiCA law, which includes three types of crypto-assets, was approved in 2022. A vote on the law was originally scheduled for January 2023, but was delayed due to technical difficulties. The ongoing General Assembly of the EU will also see the vote on the regulation of Fund Transfers (TFR).

As years of uncertainty cloud financial markets when it comes to US regulations, EU efforts to establish clear regulatory controls are being implemented. The MiCA regulation “enforces the innovation and use of crypto-assets,” reads a statement of the law, which is in stark contrast to the views of US Securities and Exchange Commission (SEC) Chairman Gary Gensler during the House hearing . Tuesday to oversee the SEC.

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Currently, it is not clear when the MiCA law will be applied for crypto businesses. Investors estimate time for proper regulation to begin for Crypto Asset Services Providers (CASP) within 18 months.

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File within 1-2 months, file after 12 months for stablecoin issuers, 18 months for CASPs. — Patrick Hansen (@paddi_hansen) April 15, 2023

However, if the regulation will bring about a change in the global crypto regulatory space

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