Three US legislators want the secretary of Commerce to study blockchain technology for consumer protection. All three of them have introduced a new bill to encourage the in-depth analysis of blockchain technology in commerce. These three legislators of the US House of Representatives include Rep. Darren Soto, Rep. Doris Matsui and Rep. Brett Guthrie. This bill has been presented to the House and referred to the Committee on Energy and Commerce. The bill is aiming to conduct a study and then submit a report on the state of blockchain technology and its uses.
Among These US Legislators, One Has Proposed Draft Legislation
Earlier, one of the US legislators had also proposed a draft legislation, Advancing Blockchain Act. This required the Secretary of Commerce and FTC to conduct a study on the impact of blockchain technology on the interstate commerce businesses. Along with this, there were a few other goals as well in this draft legislation. It has been noticed that in both these bills, there was not any mention of cryptocurrency or digital assets as the complete focus was on blockchain technology.
Rep. Soto Was a Co-Chairman for the Blockchain Caucus
Another US legislator, Rep. Soto has been associated with blockchain technology for quite some time. He also remained the co-chairman for the Blockchain Caucus. which is a governmental group focused on policies related to blockchain technology since very long. Along with this, he has been a sponsor and co-sponsor of Token Taxonomy and Digital Taxonomy Act. Both Rep. Matsui and Rep. Guthrie have also introduced a bill, back in 2019. This bill was meant to establish a working group related to blockchain technology. The bill was also taken up in a Senate bill which was authored by Senator Todd Young, which was sanctioned as the “Blockchain Promotion Act” of 2019.
Bitcoin has barely flinched in the face of the dollar’s best attempt at a rebound in over a year. The greenback is trying to stage a comeback against the top cryptocurrency, which has left the global reserve currency battered and beaten.
Although Bitcoin has fended off the advance in USD, if history repeats and the dollar surges, a short term » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear phase could be coming to the crypto market soon.
The Badly Beaten Dollar Begins Breakout And Bounce
2021 thus far has been Bitcoin’s best year on record. 2020 was among the dollar’s worst as sentiment turned negative and inflation fears pushed investors toward hard assets like gold and crypto.
However, according to the DXY Dollar Currency Index, which weighs the dollar against a bucket of other national forex currencies, a comeback is in the making.
The chart above shows the DXY breaking out from a falling wedge pattern, and coming back down to retest the former resistance line as support. With the retest complete, a stronger push higher should result.
Coinciding with the breakout of the falling wedge, on higher timeframes, the MACD – a momentum indicator – is starting to turn upward. Past instances of the same pattern breaking upward combined with a bullish crossover on the MACD has led to sustained upside in the DXY.
How A Reversal In The Greenback Could Send Bitcoin Into A » Read more
However, not all is lost for Bitcoin and the rest of the crypto market. An inverse head and shoulders on high timeframes might have completed on the DXY, which after a throwback to the trendline to confirm it as resistance, could result in the largest collapse in the dollar’s history, and its eventual undoing.
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear markets, and once it ends, the leading cryptocurrency by market cap could completely take over as the global reserve currency.
Of course, there’s no telling what the dollar could do from here, or if this time is actually different.
Featured image from Deposit Photos, Charts from TradingView.com
Nonfungible tokens (NFTs) have rapidly become the new hot topic in the cryptocurrency sector, as evidenced by Litecoin (LTC) creator Charlie Lee comparing the current spike in NFT interest to the ICO mania of 2017.
The recent pullback in the cryptocurrency market hit decentralized finance tokens (DeFi) pretty hard, but as Bitcoin’s (BTC) price recovered the $50,000, DeFi and NFT tokens bounced back rapidly.
One project that has successfully capitalized on the DeFi and NFT boom is Aavegotchi. The project benefits from its association with Aave, while also focusing on the creation of value-infused NFTs that are limited in minting.
Data from Cointelegraph Markets and TradingView shows that the price of GHST, Aavegotchi’s governance token, rose 35% from $1.36 on March 1 to a new all-time high of $1.86 on March 2 as the community conducted its first NFT sale.
Three reasons for the GHST breakout to a new all-time high include its recent migration to the Polygon network, the successful completion of its first NFT sale and excitement about the upcoming mainnet launch.
Users bridge to Polygon for lower fees
Transaction fees on the Ethereum network have been increasing since the beginning of 2021, and they show no signs of decreasing anytime soon.
In response to this, the team at Aavegotchi announced on Jan. 26 that the project would bridge to the Polygon network, an Ethereum layer-two solution Following the migration, users are able to conduct transactions, buy items in the store and stake their GHST tokens for the cost of .0001 MATIC, a significant price reduction from the current costs of transacting on Ethereum.
GHST price rose from $0.61 on Jan. 27, when the Polygon bridge was first released, to $1.25 on Feb. 14 as users began to be more active in the community due to lower transaction costs.
Optimism grows as the mainnet launch approaches
One of the biggest drivers of GHST was its official mainnet launch on March 2.
While most NFT projects are content to utilize Web 2.0 servers or the InterPlanetary File System, Aavegotchi has taken its project to the next level by creating its own blockchain. Doing this enables each GHST token to have its unique personality traits, staked cryptocurrencies and visual elements stored permanently on the blockchain, which may help to strengthen their collectability and long-term value.
This also creates the unique opportunity where DeFi can be combined with NFTs by locking one of Aave’s wide selection of interest-generating tokens directly into a particular Aavegotchi, making each one a rare, unique form of a digital piggy bank.
NFTs sell out in under a minute
As Aavegotchi launched its mainnet, the project also conducted its first “portal drop,” which allowed tokenholders to buy a portal that is capable of summoning a yield-bearing Aavegotchi NFT.
Through an integration with Aave and its aTokens, NFTs on the Aavegotchi platform create unique interest-bearing representations of funds supplied to the Aave protocol, a first for the NFT space.
Aavegotchis are designed to combine elements of gaming and collecting in an effort to tie digital collectibles to real value. This adds a new level of functionality to NFTs and is likely to help each Aavegotchi increase in value over time. In order to extract the value of aTokens locked within an NFT, the Aavegotchi must be destroyed in the process.
Future portal drops, low transaction fees and an expanding NFT store demonstrate that there is a healthy demand for GHST, and this is bound to grow as the platform expands to offer new layers of gamification.
When it comes to Bitcoin, market opinions are often divided, with those who support the asset and those who don’t. Similar camps may now appear to take hold of US regulators and policymakers. Recently, President Biden’s nominee for chairman of United States Securities and Exchange Commission (SEC), Gary Gensler appeared to share his perspective on the crypto sector. Gensler said that cryptocurrencies “have been a catalyst for change.”
Speaking to US Senator Mike Rounds during his Senate confirmation, Gensler added:
Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.
His opinion on crypto is in stark contrast to Treasury secretary, Janet Yellen’s, who believed that Bitcoin is “extremely inefficient for conducting transactions” and that it is a “highly speculative asset.” It goes against Senator Elizabeth Warren’s views, who thinks Bitcoin would only “end badly.”
However, if Gensler is confirmed, a move that many crypto enthusiasts are looking forward to, the nominee plans to work to “promote the new innovation.”
I think, as I teach at MIT on these subjects, that these innovations have been a catalyst for change. Bitcoin and cryptocurrencies have brought new thinking to payments and financial inclusion but they’ve also raised new issues of investor protection…If confirmed at the SEC, I will work to promote innovation.
He quickly stressed on the importance of investor protection and said:
It’s always important to update our market oversight to new technologies…It’s important to stay true to our principles of investor protection.
Furthermore, in his opening remarks, Gensler said that markets—and technology— “are always changing” and must not be taken for granted.
Our rules have to change along with them. I believe financial technology can be a powerful force for good but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public.
Gensler is most famously known for testifying before Congress for crypto and blockchain several times in the past. He even argued against the notion that crypto was similar to Ponzi schemes.