Stablecoins and CBDCs would be addressed in the law “to a smaller measure.”
Bitcoin is down 0.67% in the last 24 hours.
On the hourly chart of the BTC/USD pair, a big breakout pattern is also building with resistance at $47,700. The $48,000 level may serve as a significant obstacle going forward. $48,000 might begin a big rise if the triangle barrier is broken and closed.
Main support presently lies at the $46,400 mark. Retracement level: $44,469 swing low $48,200 high, 50 percent Fib retracement level. The price might fall below $45,000 shortly if it breaks below the $46,400 level. According to CoinMarketCap, the Bitcoin price today is $47,117.01 USD with a 24-hour trading volume of $28,105,141,458 USD. Bitcoin is down 0.67% in the last 24 hours.
Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-Wyo.) revealed Thursday at a Politico Live event that they are working together on “a broad-based regulatory framework” for how the crypto business should be governed.
Frequent Meetings With People Involved
To ensure that “so that all voices are part of this legislative process,” Gillibrand said the two senators have been meeting with stakeholders, regulators, and industry experts. CFTC Chairman Lummis was questioned about the new crypto framework and whether or not he thought it would give the CFTC a bigger role.
Lummis responded:
“The answer is definitely yes. When you look at bitcoin and ethereum in particular, it’s pretty clear to me that those are commodities.”
According to a pro-bitcoin senator from Wyoming, there are presently over 18,000 cryptocurrencies, and not all of them are commodities. Further, she said that stablecoins and CBDCs would be addressed in the law “to a smaller measure.” Senator Gillibrand stated she and Senator Lummis would continue to work on the measure “over the next several weeks.”