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In the last hours of the Tuesday session, Bitcoin showed a sharp surge in the rate, pulling the rest of the cryptocurrencies with it. The growth momentum allowed the bulls to “draw” a positive daily candle, which acted as a technical signal for a rebound from the MA indicator line with a period of 200 days, an important line for long-term holders.
Late-day BTC and altcoin purchases are linked to the U.S. Congress, whose Banking Committee is holding a hearing on stablecoins.
Senators are concerned that any company could issue dollar-pegged tokens. Laws should prevent emissions without proper security. The US Treasury insists on a tough regulation option – a banking license, FDIC insurance, double reservation of fiat in Treasury accounts, a ban on the use of stablecoins in DeFi platforms
On the contrary, the Banking Committee is ready to agree with the experts who have indicated the adequacy of the current supervision of the security fund. Representatives of Circle, Paxos and Gemini, whose USD stablecoins have already been licensed and have been circulating on the market for several years, work according to this scheme.
The position of the US Treasury was subjected to additional criticism by a number of congressmen. They accused the department of directly opposing the development of the cryptocurrency market. In particular, the ministry was supposed to issue an explanatory letter regarding the new form of crypto reporting.
Starting next year, a new form of taxation will come into force, requiring verification of all transactions of digital assets. The Ministry of Finance had to clarify that this rule applies only to brokers and exchanges in order to get miners, wallet operators, and developers of smart contracts out of the blow, who are not able to comply with this law.
A group of congressmen yesterday wrote an official letter to the White House administration demanding the release of legislative clarifications as soon as possible. The release of these norms will be a positive signal for digital currencies.
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