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The progressive movement in Washington is calling for stricter regulation of bitcoins and other cryptocurrencies, and they are likely to receive a positive response in the Democrat-controlled Congress and the Biden administration. The latest call to fight cryptocurrencies came on Monday from the Center for American Progress. The center released a report on digital assets, calling on the Securities and Exchange Commission to use existing laws and regulations to regulate vast areas of the industry. "The Securities Commission can use its powers to green the blockchain, protect investors and prevent money laundering. SEC Chairman Gary Gensler spoke out against cryptocurrencies and related stablecoins, calling this industry the "Wild West".
Democrats in Congress are also fiercely opposed to cryptocurrencies and are raising the issue of requirements for stricter supervision and tax reporting, which is partly to increase the revenue of their legislative priorities. The Infrastructure Law passed by the Senate last August included new requirements for tax reporting on cryptocurrency transactions, despite the objections of some Republicans.
However, cryptocurrencies such as Bitcoin will be difficult to regulate as securities because they are not offered or sold by any centralized organization.
The same thing cannot be said for stablecoins, which are now the focus of Washington's attention. Tokens are designed for a stable value of $1 and must be secured in a 1:1 ratio in cash and other high-quality reserves. However, sponsors and coin issuers do not disclose much information about the composition of their reserves, which raises concerns among regulators that the use of stablecoin could destabilize broader capital markets.
According to recent reports in The Wall Street Journal and other sources, the Ministry of Finance and other federal agencies may now be close to issuing a regulatory framework for stablecoins, subordinating their issuers to the rules of banking or money market funds. This week, the Fed plans to publish a report on digital assets. Cryptocurrency regulation is unlikely to be part of the report, but it may still draw attention to digital currencies.
Despite the fact that investors should prepare for a challenging week in cryptocurrency, coins are not under pressure yet.
On Monday, Bitcoin increased by 1.5%, or to the level of $ 48,686. There is a price growth of 12.5% for the last seven days.
Ethereum, the second-largest cryptocurrency, declined by 1.2%, or to the level of $ 3,380.
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