"Cryptocurrency Regulation Should Focus on SEC and CFTC"
"Digital Dollar by Fed, Stablecoin Regulation by Treasury"
Seeking $28 Billion Tax Revenue from Cryptocurrency Industry
[Asia Economy New York=Correspondent Baek Jong-min] The price of the cryptocurrency Bitcoin has fallen below the $40,000 level again. In the U.S. Congress, a cryptocurrency regulation bill has been introduced.
According to CoinMarketCap on the 2nd (local time), the price of Bitcoin is trading at $38,954, down 5.54% compared to 24 hours ago.
Ethereum, the second largest by market capitalization, is trading at $2,607, down 2.67%, and Dogecoin is trading at 20.2 cents, down 2.26%.
On this day, Bitcoin's price fell recently to $29,000, then rose to $41,000 after Tesla CEO Elon Musk reaffirmed his support, but it dropped back to the $30,000 range later in the day.
The decline in Bitcoin's price on this day is attributed to the "Digital Asset Market Structure and Investor Protection Act" proposed by Democratic Congressman Don Beyer. According to CoinDesk, this bill contains stronger cryptocurrency regulatory measures. There is also analysis that the bill was legislated by members of Congress with the support of the Treasury Department.
The bill stipulates that the U.S. Securities and Exchange Commission (SEC) will have regulatory responsibility over securities related to cryptocurrencies, while the U.S. Commodity Futures Trading Commission (CFTC) will regulate virtual assets.
The bill also states that the Federal Reserve (Fed) will have explicit authority to issue a digital dollar (CBDC), and the Treasury Secretary will have the authority to allow or prohibit stablecoins.
Furthermore, this bill is understood to potentially increase tax revenue by approximately $28 billion through taxation of the cryptocurrency industry.
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