Mt.Gox CEO Mark Karpeles returns to the crypto market and will launch new cryptocurrency exchange EllipX
EllipX will comply with the EU’s MiCA regulations, with plans to add fiat services and offer fee cuts for former Mt. Gox users.
Cheng YuanLog in/ Sign up
In order to make Bitcoin a mainstream reserve asset similar to gold, Senator Lummis is preparing to propose the Strategic Bitcoin Reserve Act in Nashville
Follow
Senator Cynthia Lummis of Wyoming plans to introduce legislation to position Bitcoin alongside traditional reserves like gold in the US.
This move could mark a significant shift in Bitcoin's status as a financial asset.
Upcoming Announcement
Speculation is high as Senator Lummis is expected to announce this initiative at the annual Bitcoin Conference in Nashville from July 25-27.
The bill proposes that the Federal Reserve acquire and hold Bitcoin as a strategic reserve asset.
Legislative Details
The specifics of the proposed legislation are not fully disclosed. Insiders suggest the bill aims to institutionalize Bitcoin within the US monetary system, much like traditional reserve assets that stabilize the US dollar.
Potential Impact
The integration of Bitcoin as a reserve asset could signify broader acceptance and recognition of cryptocurrency.
Analysts and lawmakers view this as a potential milestone in crypto evolution, despite regulatory challenges under the current administration.
Trump's Possible Support
If President Trump backs the proposed legislation, it could be a significant moment for Bitcoin's legitimacy. The report indicates that Trump has received advice on the issue and may announce a similar approach.
This comes after successful ETF approvals in January.
The Fed’s use of Bitcoin as a reserve will lead other countries to follow suit
Supporters argue that accepting Bitcoin as a reserve asset would not only stabilize the US dollar but also highlight the Federal Reserve's commitment to innovation.
This contrasts with recent experiences under President Biden's administration. Sam Lyman of Riot Platforms commented:
"Classifying Bitcoin as a strategic reserve asset could trigger a 'Bitcoin Space Race.' If the US begins accumulating Bitcoin, other countries might follow suit."
Current Bitcoin Market
Bitcoin is currently trading between $65,900 and $68,000. Over the past 24 hours, it has registered slight gains of 0.4%. However, trading volume has decreased by 18%, amounting to $26 billion, according to CoinGecko.
The daily chart shows BTC’s sideways price action. Source:BTCUSDT on TradingView.com
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
Add Comment
LoginLeave your comments
0 Comments
Earliest
Load more comments
Related News
- Cheng Yuan
Scottish court seizes 23.5 Bitcoins in groundbreaking robbery
For the first time ever, a Scottish court seized Bitcoin from the “technical brains” behind a robbery where a woman was beaten with a Toblerone.This case highlights the evolving nature of criminal activity involving digital currencies, marking a legal milestone in Scotland's approach to cryptocurrency crime.
Cheng YuanMt. Gox and US Government Could Flood Market with $14 Billion in Bitcoin Selling Pressure
Bitcoin might face pressure with $15 billion worth of Bitcoin from Mt. Gox and the US government potentially entering the market. Recent trends suggest minimal impact, but September's historically weak performance could continue.
Huang BoWhat would happen if the U.S. government banned cryptocurrencies?
A US cryptocurrency ban could lead to market crashes, privacy coin delistings, and increased underground trading. It might also prompt CBDC adoption and regional market fragmentation. Historical parallels show potential volatility.
EdmundCould Telegram’s Legal Issues Trigger Another Crypto Market Crash?
Pavel Durov's legal issues raise concerns about potential disruptions in the crypto market, particularly for Toncoin. Despite these challenges, the broader cryptocurrency market shows resilience, with key assets like Bitcoin and Ethereum maintaining stability.
EdmundDonald Trump and New York Governor Kathy Hochul advocate that nuclear power generation will lower Bitcoin mining costs
According to data from SMR Nuclear, nuclear energy plants produce 441,398,880 megawatt-hours of energy throughout their lifetimes.，This will greatly reduce the energy consumption of Bitcoin mining
SanyaWhat you need to know when buying cryptocurrencies: How to buy Bitcoin and Ethereum on trading platforms
This article briefly introduces how to buy Bitcoin and Ethereum on the trading platform, including choosing a platform, creating an account, recharging funds, placing orders to buy, and withdrawing virtual currency. It provides a safe and efficient cryptocurrency investment guide for Chinese investors around the world.
WeiliangEl Salvador cold wallets purchase 1 BTC per day since March and have surged to 5,850 BTC
El Salvador’s cold wallet now holds 5,850 BTC, reflecting a $93.45 million profit, showcasing the country’s commitment to Bitcoin-backed financial policies.
ZeZhengDormant Bitcoin Whale Resurfaces After 10.8 Years, Reaping 11,454% Profit
A dormant Bitcoin address holding 142 BTC, now worth $8.46 million, reactivated after 11 years, sparking speculation in the crypto community.
EdmundInstitutional Bitcoin ETF Holdings Surge 14% to 1,100!
Institutional holdings in Bitcoin ETFs have increased by 14%, despite Bitcoin's recent price decline, reflecting growing confidence among professional investors and an expectation of further investment increases in the coming years.
Xu Lin
Live Updates
- 스넥.펀, 카르다노 일일 최고 활동 유발BullishBearish
- 엘살바도르, 비트코인 도입 3년 기념 및 접근 확대BullishBearish
Trending News
Get Ready for the Telegram’s $DOGS Pump: Why Early Investors Might See Huge Returns Post-Launch
The $DOGS token has rapidly gained popularity in the Telegram ecosystem, reaching over 50 million users and securing listings on major exchanges like Bitget, OKX, and Bybit. Its success is driven by Telegram's large user base and innovative marketing strategies, positioning it as a significant player among memecoins.
AnaisAI Depin Protocol Grass Sets Out to Take Back Control of the Internet, Announces Limited-Time Bonus Epoch & End of Closed Beta
Grass, Wynd Network's flagship product, enables users to monetise unused network resources. As the AI DePIN project ends its Closed Beta, it launches a limited-time bonus epoch and hints at upcoming airdrop and tokenomics details, aiming to redefine internet connectivity.
CatherineFractal’s Mainnet is Here — Why It Could Be the Biggest Thing to Hit Bitcoin Since Satoshi
Fractal’s upcoming mainnet launch in September aims to transform Bitcoin’s scalability and programmability by introducing a native recursive scaling solution and smart contract functionalities. However, Bitcoin's recent decline amidst broader market gains and ongoing institutional investment raises questions about its short-term market stability and adoption of new technologies.
AnaisVitalik Buterin Donates Over $500K in Animal-Themed Meme Coins: Is it Altruism at its Best or a Strategic Coin Disposal?
Vitalik Buterin donated over $500K in animal-themed meme coins to charity, urging more practical utility for meme coins. Is this a genuine act of altruism or a strategic move to enhance his image while offloading coins?
KikyoIran Rewards US$24 for Tips on Illegal Crypto Mining Amid Severe Heat and Power Issues – Is It Worth It?
Iran is facing a severe power crisis worsened by illegal cryptocurrency mining, which consumes excessive electricity. To combat this, the government is offering a $24 reward for tips on unauthorized mining activities, but this may not address the underlying issues of power grid mismanagement.
WeatherlySuperRare NFT Marketplace Sees Continuous Decline in Traffic as CEO Defends Industry’s Longevity
SuperRare, a leading digital art platform, has seen a 45% dip in traffic, reflecting a broader decline in NFT sales. Despite this, CEO John Crain remains optimistic, urging a broader perspective on the market's challenges, viewing them as part of the NFT space's evolution, not its end.
CatherineWhy Binance Labs Sees Huge Potential in MyShell’s Decentralised AI Platform
Binance Labs has invested in MyShell, a decentralised AI platform that empowers creators to build and own AI tools. MyShell’s reward system, based on $SHELL tokens, and its multichain strategy aim to democratise AI development and attract a wide user base.
WeatherlyCrack Cardano’s Lace Paper Wallet and the $1 Million Bounty is Yours: Is Charles Hoskinson a Creative Genius or Just Crazy?
Cardano creator Charles Hoskinson is offering $1 million to anyone who can crack the new Lace Paper Wallet, a challenge open until the end of 2024. Is this a masterstroke of innovation or a high-stakes gamble?
KikyoCrypto Scams Surge in 2023: Americans Lose Billions to Fraudulent Investments
In 2023, cryptocurrency scams surged, with Americans losing billions, including $650 million in a scheme run by NovaTech and its leaders, and significant fraud via Google’s Play Store. Victims, including Maria Vaca, faced massive financial losses and threats, highlighting the urgent need for enhanced security and vigilance in the crypto market.
AnaisPortal to Bitcoin Unveils BitScaler, Dubbed “Holy Grail”of Bitcoin Scaling, Amidst Upcoming Testnet Launch
Portal to Bitcoin, a key player in Bitcoin DeFi, announced launch of BitScaler, a technology set to revolutionise Bitcoin's scalability without core upgrades or new opcodes. With the testnet launch imminent, could Portal to Bitcoin be on the verge of transforming the crypto industry?
Catherine