US Senators Push for Stricter Oversight of Cryptocurrency Industry
A group of US senators, led by Senator Elizabeth Warren, is calling for stricter oversight of the cryptocurrency industry to combat illicit financial activities. Nine additional senators from both parties have joined Warren’s call for legislation that would impose regulations on cryptocurrency transactions.
The bipartisan bill proposed by Senator Warren is gaining momentum and has garnered support from influential non-governmental organizations and industry groups. Endorsements have come from Senators Catherine Cortez Masto, Richard Blumenthal, Tina Smith, Bob Casey, Jeanne Shaheen, Michael Bennet, Gary Peters, Dick Durbin, and Independent Senator Angus King. The chairs of the Senate Judiciary Committee and Senate Homeland Security and Governmental Affairs Committee, Durbin and Peters respectively, are among these supporters, highlighting the reach of the support into crucial Senate committees.
According to Warren, the proposed legislation is currently the most comprehensive one addressing the misuse of cryptocurrencies. She emphasized that the bill would offer regulators enhanced oversight mechanisms to tackle the potential risks associated with cryptocurrencies.
A major concern highlighted by Warren is the „crypto tax gap,“ which poses a potential risk to tax revenue. She warned that a delay in tax policy renewal could lead to the IRS and the US Treasury forgoing approximately $1.5 billion in tax revenue for the fiscal year 2024. This concern underscores the urgency of regulatory action proposed in the legislation.
What is the Best Crypto to Buy Now?
With Senator Warren’s cryptocurrency oversight proposal gaining momentum, many investors are wondering what the best crypto to buy now is. While it’s essential to conduct thorough research and consider market volatility, a few cryptocurrencies show promising potential.
Stacks (STX)
Stacks (STX) has recently shown bullish momentum, with the price breaking above the 20-day EMA (Exponential Moving Average). Despite being in consolidation for the past 33 days, STX has seen an almost 20% increase in the past week.
The STX price is currently trading at $0.0117, and it has experienced increased trading volume and market cap. The technical indicators, such as RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence), suggest further upward momentum for the STX price. However, it faces resistance levels at the 50-day EMA and the reverse Fib 0.236 level.
Wall Street Memes ($WSM)
Wall Street Memes (WSM) has gained attention as one of the best cryptocurrencies to buy now. The WSM cryptocurrency presale is entering its final week, and it has already raised over $25 million. WSM separates itself from other meme coins with its strong fundamentals, community roots, and staking rewards. With over a million followers on social channels, including support from influential figures like Elon Musk, WSM has generated significant hype among investors.
Litecoin (LTC)
Litecoin (LTC) has shown a surge of nearly 17% over the past week, hinting at a potential new uptrend. However, market participants remain cautious as trading volume has been declining. The LTC price has managed to stay above the 20-day EMA and has support levels that are crucial to maintain the current uptrend. The RSI and MACD indicators suggest further upward momentum for the LTC price. However, it faces a significant challenge at the horizontal resistance zone and confluence of resistance levels.
Investors should approach the cryptocurrency market with caution, considering factors such as volatility and the specific characteristics of each cryptocurrency. Thorough research and analysis are crucial before making any investment decisions.
Note: The article does not provide financial advice. Readers should do their own research and consult with a professional financial advisor before making any investment decisions.
Frequently Asked Questions
What is the purpose of the proposed cryptocurrency oversight legislation?
The proposed cryptocurrency oversight legislation aims to impose stricter regulations on the cryptocurrency industry to combat illicit financial activities.
Who supports Senator Warren’s proposal?
Nine additional US senators from both parties have joined Warren’s call for legislation. Influential non-governmental organizations and industry groups, such as the National District Attorneys Association and Transparency International U.S., have also expressed their support.
What is the „crypto tax gap“ mentioned by Senator Warren?
The „crypto tax gap“ refers to a potential risk to tax revenue resulting from a delay in tax policy renewal. Warren warned that the IRS and the US Treasury could forgo approximately $1.5 billion in tax revenue for the fiscal year 2024 if regulatory action is not taken promptly.
Which cryptocurrencies show promising potential?
Stacks (STX), Wall Street Memes ($WSM), and Litecoin (LTC) are among the cryptocurrencies that show promising potential. These cryptocurrencies have exhibited bullish momentum and have garnered attention from investors.
What factors should investors consider before buying cryptocurrencies?
Investors should conduct thorough research, consider market volatility, and consult with a professional financial advisor before making any investment decisions. Each cryptocurrency has its own characteristics and risk factors that should be carefully evaluated.
