Senate Committee Passes Surprise Crypto Bill — Could Boost the Price of Bitcoin, Ethereum, XRP

In a recent development, a Senate committee has passed a potentially transformative crypto bill. This move could significantly influence the prices of Bitcoin, Ethereum, and XRP. This news comes as Bitcoin prices plummets to under $67,000 earlier today so bullish traders are hopeful.

As reported by Forbes, the U.S. Senate select committee on intelligence’s funding package includes a crypto provision. This provision could force crypto companies to collect more user data or face sanctions designed to prevent terrorism financing. This provision went largely unnoticed until Coindesk reporters discovered it.

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The Intelligence Authorization Act (IAA) received unanimous approval from the committee with a 17-0 vote. However, Senator Mark Warner, the committee’s chairman, did not mention the crypto section when announcing the vote.

Despite this, insiders in the crypto industry believe that the provision is unlikely to survive the budget process. The crypto industry has been in a state of political and regulatory uncertainty for several years, with companies investing approximately $100 million into super political action committees (PACS).

Simultaneously, the Biden administration has been trying to soften its stance on Bitcoin and crypto following Donald Trump’s pledge of support to the crypto industry. Trump has been accepting campaign donations in Bitcoin and other cryptocurrencies since last month.

This development is significant as it could potentially disrupt the crypto market. The provision, if passed, could impose stricter regulations on crypto companies, forcing them to gather more user information. This could impact user trust and potentially influence the prices of Bitcoin, Ethereum, and XRP. Furthermore, the political and regulatory uncertainty surrounding the crypto industry could be exacerbated by this development, affecting the industry’s growth and stability.

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