As the world of digital currencies continues to evolve, U.S. Representative French Hill has expressed optimism about the advancement of cryptocurrency legislation by 2024. This article explores Hill’s stance on cryptocurrency, the potential impact of such legislation, and the broader implications for the crypto industry.

French Hill’s Stance on Cryptocurrency

Representative French Hill, a member of the U.S. House Committee on Financial Services, has been a vocal advocate for the development of a regulatory framework for cryptocurrencies. He believes that the United States needs to take a proactive approach to regulate this burgeoning industry, to protect investors and maintain the country’s competitive edge in financial technology.

Hill has expressed confidence that significant progress will be made in crypto legislation by 2024. He has emphasized the need for a clear regulatory framework that balances the need for innovation with the protection of consumers and the integrity of the financial system.

The Potential Impact of Crypto Legislation

The advancement of cryptocurrency legislation could have far-reaching implications for the crypto industry and the broader financial ecosystem. Here are some potential impacts:

• Increased clarity: A clear regulatory framework could provide much-needed clarity for businesses and investors, reducing uncertainty and fostering growth in the crypto industry.

• Consumer protection: Proper regulation could help protect consumers from scams and fraudulent activities, which have been a significant concern in the largely unregulated crypto market.

• Stability and trust: By establishing rules and oversight mechanisms, legislation could help enhance the stability and trustworthiness of cryptocurrencies, making them more appealing to mainstream investors and businesses.

Examples of Crypto Legislation Efforts

Efforts to regulate cryptocurrencies are not unique to the United States. Several countries have already taken steps to establish regulatory frameworks for digital currencies. For instance, Japan has recognized Bitcoin as a legal payment method since 2017, and the European Union is working on a comprehensive framework for crypto-assets, known as MiCA (Markets in Crypto-assets Regulation).

In the U.S., several bills related to cryptocurrencies have been introduced in Congress, including the Cryptocurrency Act of 2020 and the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act. These bills aim to clarify the regulatory responsibilities for cryptocurrencies and ensure the stability and integrity of the financial system.

Statistics Supporting the Need for Crypto Legislation

The rapid growth of the crypto market underscores the need for regulation. According to data from CoinMarketCap, the total market capitalization of cryptocurrencies surpassed $2 trillion in April 2021, a tenfold increase from the previous year. Furthermore, a survey by the Financial Conduct Authority (FCA) found that the number of cryptocurrency owners in the UK doubled from 2020 to 2021, reaching 2.3 million people.

However, the crypto market has also been plagued by scams and fraud. The Federal Trade Commission (FTC) reported that consumers lost over $80 million to crypto scams in the six months ending March 2021, a 1,000% increase from the same period in the previous year. These statistics highlight the urgent need for regulatory oversight to protect consumers and maintain the integrity of the crypto market.

As cryptocurrencies continue to gain traction, the need for a clear regulatory framework becomes increasingly apparent. Rep. French Hill’s optimism about the advancement of crypto legislation by 2024 reflects the growing recognition of this need among policymakers. Such legislation could provide much-needed clarity for businesses and investors, protect consumers from scams, and enhance the stability and trustworthiness of cryptocurrencies. However, the development of effective regulation requires a careful balance between fostering innovation and protecting the integrity of the financial system. As the world watches, the U.S. has the opportunity to set a global standard for crypto regulation.

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Bitcoin surged higher on Wednesday, as markets reacted strongly to better-than-expected consumer confidence figures in the United States. Data from the Conference Board showed that its monthly survey rose to a reading 104.2, better than the 101 sum expected. Ethereum also climbed, moving above $1,800.

Bitcoin

Bitcoin (BTC) once again moved above the $28,000 level on Wednesday, as markets reacted to the latest consumer confidence report in the United States.

The increase in confidence is seen by some as validating the Federal Reserve’s recent decision to marginally hike rates.

Following a low of $26,677.82 on Tuesday, BTC/USD raced to an intraday peak of $28,619.54 earlier in today’s session.

This latest surge in price occurred as the relative strength index (RSI) continued to move away from a recent floor at the 60.00 mark.

As of writing, the index is tracking at the 64.27 level, which is marginally below its upcoming ceiling at 65.00.

Earlier gains have slightly eased as BTC edged closer to this point of resistance, with price now trading at $28,423.03.

Ethereum

Ethereum (ETH) was also back in the green in today’s session, with prices rising back above the $1,800 level.

ETH/USD rose to a high of $1,825.60 on Wednesday, which comes less than 24 hours after the price was below $1,700.

As a result of today’s rally, ethereum was able to briefly rise above a recent resistance point at the $1,820 level.

Price has since retreated from this point, which comes after the RSI collided with a ceiling at the 58.00 mark.

Although price strength is now tracking at 58.52, overall market momentum seems to be preparing for consolidation.

The 10-day (red) moving average (MA) is now trending sideways, and should the RSI fall back below 58.00, chances of a downward cross with the 25-day (blue) MA will greatly increase.

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Do you expect ethereum to end March above $1,800? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.