New US Law Could Be Bad for All Cryptocurrencies Outside Bitcoin » Crypto Insiders

Recently, a number of well-known supporters Cryptocurrency if Bitcoin (BTC) Guest at The Heritage Foundation, a conservative think tank. In the Discussion Senators Ted Cruz, Cynthia Loomis, crypto veterans Michael Saylor, and Caitlin Long had their say on the direction the digital asset market is headed. We can extract a lot of important information from it.

New US Cryptocurrency Bill

In the United States, for example, a new crypto invoice is currently being prepared “It must strike a good balance between encouraging innovation and devising regulations that everyone can understand,” Senator Cynthia Loomis said. It also stated the following:

“It is a full bill that will be introduced on June 7. Coins that are commodities are included, as well as coins that are stocks, arithmetic stablecoins, and asset-backed stablecoins. There is a discussion about CBDCs and NFTs in it. It contains tariffs, consumer protection, privacy, and taxes, as well as many other important aspects. The proposal has received strong support from both sides And the organizers are in favor of it, too.”

KBitcoin Bill Ritual

However, on Twitter from Small Cap Scientist Cash. He Fears The New Law Will Only Be Bitcoin Positive, But This Is Happening Every other project is in trouble. In fact, all of the aforementioned committee members are specifically in favor of Bitcoin, and they may be “Bitcoin extremists” and have nothing to do with it. Altcoins to have.

One of the biggest crypto legislation will be introduced on Tuesday (6/7).

It includes definitions of coins that are commodities, coins that are securities, stablecoins, digital currency frameworks, and NFT trend.

Let’s delve into why we should pay attention.

– Beanie Scientist 👨‍🔬🧪🥼 (SmallCapScience) 4 June 2022

Cynthia Loomis replied in discussion on me Even a question about altcoins “Burning it to the ground, Bitcoin will be the phoenix emerging from this.” So it is not entirely positive. Other committee members are mainly in favor of bitcoin alone.

Of course we know Michael Saylor of MicroStrategy, which has put billions (using debt) in bitcoins on its balance sheet. Caitlin Long is the boss custodian bank, which appears to be willing to use bitcoins as collateral for stablecoins. The world of beanie hats thinks they are genesis Decentralized Finance (DeFi) So the sector wants to slow down. Finally, we have Ted Cruz, as a Texas Senator, who has the immediate benefit of being as nice as possible. Bitcoin miners†

The Small Cap world fears that Bitcoin is the only currency that falls under commodities while all other cryptocurrencies, even Ether (ETH)Subject to securities law. That could be too bad for this cipher. You may wonder if his fear is premature, but it is always helpful to consider how certain stimuli are making decisions. Next week we’ll see how the bill is approached and where it will lead.