xrp crypto value

Congress Introduces A Game-Changing Crypto Bill As The Price Of Bitcoin, Ethereum, BNB, Solana, Cardano, XRP Sinks

Bitcoin Sinks To $41,000, A Stark Crypto Price Prediction For Bitcoin, Ethereum, BNB, Solana, Cardano And XRP Amid ‘Extreme Fear’
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The tide has turned in the cryptocurrency market.

Today bitcoin price is down 4%. The price of the second largest cryptocurrency, Ethereum, is down 3.5%. Meanwhile, BNB is down 1.9%, Cardano is down 3.3%, XRP is down 3.4% and Solana is down 4.9%.

However, there is a major catalyst that can change the price of cryptocurrencies.

As the Federal Reserve presses ahead with its crypto-dollar investigation — which would create competition for major cryptocurrencies, such as Bitcoin, Ethereum, Solana, XRP and BNB — a member of Congress is seeking to ban government-issued digital currencies.

Last Wednesday, Minnesota Republican Representative Tom Emer introduced a bill that would limit the Federal Reserve’s powers to issue digital currency directly to American citizens, which he believes will set the nation on an authoritarian path.

“Requiring users to open a Federal Reserve account to access a US central bank digital currency would put the Fed on a virulent path akin to digital authoritarianism in China,” he said in a statement. “It is important to note that the Fed does not, and should not be, You have the authority to provide bank accounts to individuals.”

Although Federal Reserve Chairman Jerome Powell has said that cryptocurrencies can coexist with central bank-issued cryptocurrencies, the congressman argues that the CBCD will allow the Fed to monitor Americans, eliminating the whole purpose of a decentralized cryptocurrency.

“Central bank digital currencies that fail to adhere to these three basic principles can enable an entity like the Federal Reserve to mobilize itself in a retail bank, collect personal information about users, and track their transactions indefinitely,” he said.

zoom out

Last July, the Federal Reserve launched an investigation into whether it should offer its own digital currency.

We believe that it is really important for the central bank to maintain a stable system of currency and payments for the benefit of the public. “This is one of our jobs,” Fed Chairman Jerome Powell said. He later pointed out that this involved “transformational innovation” in digital payments, referring to the cryptocurrency revolution.

The Fed did not provide any timetable and hinted that it would not be in a rush. “I think it’s important that we get to a place where we can make an informed decision about this and do it quickly… I don’t think we’re late. I think doing it right is more important than doing it quickly,” Powell said at a press conference after the meeting. .

The Fed hasn’t made a decision yet, but Powell told a US Senate committee on Tuesday that they will release the highly anticipated report on central bank digital currencies “within weeks.”

I look ahead

Government-backed cryptocurrencies are getting stronger all over the world.

As of now, 87 countries (which make up more than 90% of global GDP) are considering launching their own digital currencies, according to the Atlantic Council. It is conducting 14 tests, including China, and nine of them have already been launched, with Nigeria finally submitting.

Meanwhile, the countries with The largest central banksThe United States, Japan, the Eurozone, and the United Kingdom – are behind.

The adoption of central bank digital currencies among major economies is a closely watched development among crypto investors because it is not yet clear how it will affect the major cryptocurrencies.

Jerome Powell believes that central bank-issued coins will render cryptocurrencies useless. “You won’t need stablecoins; you won’t need cryptocurrencies, if you have a digital American currency,” Powell said during a congressional hearing last July.

Others believe that a digital dollar will have the opposite and counterintuitive effect. This will lead to a backlash over privacy concerns and push more people to decentralized cryptocurrencies, says Osprey founder and CEO Greg King.

In an interview with CNBC after Powell’s remarks, King said: “Imagine the world’s fiat currencies are being digitized. I actually think that’s pushing more people into something like bitcoin because, frankly, that would give governments more control. than they already have about the money supply, and a lot of people are getting into bitcoin because of concerns about that kind of control.”

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