In addition to a lack of regulatory clarity and failures in the market, the price of Bitcoin - the world’s largest cryptocurrency - has fallen by more than 50% since the beginning of the year.īitcoin’s price of $19,853 at 10:08 a.m. Recent turmoil in the crypto markets, including the collapse of the popular algorithmic stablecoin TerraUSD, have saddled investors with billions of dollars of losses and increased calls for Capitol Hill to act. They say Congress needs to step in because current American financial rules, and the government agencies enforcing them, are ill-equipped for digital assets. While most business sectors are fine with - or even lobby for - morass in Washington, the crypto industry has been pushing hard for new laws. “Given the calendar, getting any piece of legislation through both houses is going to be a monumental task,” said Perianne Boring, founder and chief executive officer of the Chamber of Digital Commerce trade group. And now with lawmakers squarely focused on next month’s elections, their chances of becoming law in 2022 have all but evaporated. Several high-profile, bipartisan bills that once seemed to have a promising shot of passing before the end of 2022 are held up, with congressional committees pushing off important votes. (Bloomberg) - US lawmakers’ efforts to pass significant crypto legislation by the end of the year are on life support, leaving in place Washington’s scattershot approach to digital coins.
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