Bitcoin and cryptocurrency prices plummeted last week Approximately $ 1.4 trillion has been wiped out of the combined crypto market —It then issues a new “Crypto Winter” warning.
Bitcoin prices this week fell below $ 33,000 per bitcoin, down more than 50% from its peak in November. Ethereum, the second largest cryptocurrency by value, has plummeted from nearly $ 5,000 at the end of last year to $ 2,300 per Ethereum (In a serious Ethereum price warning).
There are now reports that the White House is preparing to issue a cryptocurrency presidential order-President Joe Biden is reportedly set to seek a decision from a federal agency. Cryptographic risks and opportunities..
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U.S. President Joe Biden may sign a crypto industry presidential order soon next month, .. .. [+]
A presidential directive, which Biden may sign shortly next month, was reported to “put the White House at the center of Washington’s efforts to deal with cryptocurrencies.” Bloomberg, Quoting anonymous sources familiar with the matter.
The presidential order is expected to outline the economic, regulatory, and national security challenges posed by cryptocurrencies and seek reports from various agencies scheduled for late 2022-potential. Focus on the systemic risk of cryptocurrencies and their illegal use.
“US President Ethereum is preparing a presidential directive that outlines a comprehensive government strategy for cryptocurrencies and asks federal agencies to determine risks and opportunities,” said an analyst at digital asset market maker GSR. “The sluggish performance is due to the general sale of risk assets,” he wrote in the latest information on Bitcoin and Ethereum.
“Other items that have caused investor concerns include rising inflation and the abolition of central bank policy responses, rising speculation that Russia may invade Ukraine, Omicron concerns, and supply chain disruptions. And so on.”
Government agencies and regulators are trying to direct how various aspects of the crypto industry comply with federal law, including the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC). increase.
Last year, SEC Chair Gary Gensler called on Congress to give Congress more power to better monitor cryptocurrency transactions.
“”[Crypto] “It’s full of fraud, fraud, and abuse in certain applications,” Gensler said in August. “We need additional parliamentary authorities to prevent transactions, products, and platforms from falling into regulatory cracks. “.
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Bitcoin prices fell almost 30% last month in the broader cryptocurrency crash that was hit .. .. [+]
Meanwhile, fast-growing crypto industry executives have countered the lack of regulatory clarity and warned of the risk that the United States will lag behind other countries in adopting crypto and blockchain as a result. In October, the major US Bitcoin and crypto exchange Coinbase was one of the crypto companies that called on the US to create a new regulatory agency to oversee the digital asset market.
“My concern is that entrepreneurs and businesses have little idea of what regulators expect from us,” said Brian Armstrong, Coinbase CEO. The Wall Street Journal The end of last year. “Regulatory positions often do not apply in a consistent or impartial manner.”
Extreme volatility in the crypto market, with both Bitcoin and Ethereum bouncing alongside the stock market after a huge crypto crash this week, has pressured regulators to act to protect investors. ..
“Consumer protection is a major regulatory focus issue in 2022, and consumer protection authorities will be a major force in shaping the crypto space,” said a researcher at London-based blockchain analysis firm Elliptic. I have written In last week’s report.
Last week, the Russian central bank followed in the footsteps of China, calling for a ban on Bitcoin, Ethereum and other cryptocurrencies, citing threats to financial stability, civil well-being and its monetary policy sovereignty. rice field.
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