The Introduction Of Bipartisan Bills By US Congressmen

The US Congressmen introduced the Bipartisan bills to protect the Crypto Investors and encourage innovation in the business of Cryptocurrency. With the introduction of this bill, it has become a new beginning in the in the crypto world as U.S Congressmen- Tedd Budd and Darren Soto planned to restructure the crypto industry of U.S. by the passing of two bills that are strong enough to protect the crypto market from the price manipulation of the virtual currency and it is also friendly enough to encourage the innovation in the crypto world. To discredit the cryptocurrency market, there were several remarks in the past few months.

Spike Hike in Bitcoin Price

As per the report of the New York Attorney General on Virtual Exchange Risk–

  • It has been stated that like the stock market, the cryptocurrency market lacks standard market surveillance and regulatory mechanisms.
  • According to the statement of New York Attorney General, it poses a considerable risk to the customers of the crypto market, thus describing it as to be Wild West of Crypto.
  • As per the claim of Professor John M. Griffin, the price of the Bitcoin was artificially influenced by other cryptocurrencies.

For this reason, the U.S. Department of Justice has launched a criminal investigation in November following the claim that the hike in Bitcoin price in late November was a façade.

Economic Growth by Virtual Currencies

The advent of Blockchain Technology and virtual currencies in the market as a whole contain the potential to cause a substantial growth in any economy in the world. On the basis of that, for the growth of the U.S. economy, the congressmen decided to overcome the several challenges faced by the crypto industry and steer it forward with the new face of economic growth. To gather more information or crypto news about the Bipartisan Bills by Congressmen, one can refer to