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π Crypto & Politics: what to expect from the new US Congress?β
π The cryptocurrency market last year reached a volume of $3 trillion, but now it has already decreased by 70% and continues to lose capital. Businesses are trying to get transparent regulation of crypto transactions from the SEC, but the situation is only getting worse.
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Wall Street prefers that control of the White House, the House of Representatives and the Senate be divided roughly equally between Republicans and Democrats. Then, due to contradictions, practically no laws are passed that violate the status quo of exchange processes. But the cryptocurrency market needs strong solutions.
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Officials at Coinbase Global and FTX have long sought clear government guidance on everything from token registration to tax policy and fiscal controls.
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Crypto has supporters in both parties and the crypto business is constantly spending money on political campaigns. According to OpenSecrets, FTX alone gave almost $70 million to candidates and political committees of both parties during the current election period.
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Fundraising campaigns were organized for politicians who were not even on the ballot (for example, Senators Cynthia Lummis and Kirsten Gillibrand), but who could influence key decisions in industry committees.
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It is possible that politicians will be able to resolve issues about cryptocurrency before the new Congress takes office. The Senate Agriculture Committee may hold hearings on a bill to bring crypto exchanges under the CFTC as early as next week. In the House of Representatives, both leaders of the Financial Services Committee almost reached a compromise on the regulation of stablecoins.
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Alas, the problem of all these bills is not partisanship, but the priority of the issue. In the US, it is difficult to pass laws that are not related to critical issues, such as government spending or energy conservation. But we hope, and the crypt is waiting.
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Profits to yβall!