The fact that the price of Bitcoin and Ethereum is rising due to proposed crypto legislation

Muhammed Farghaly - | Business

The fact that the price of cryptocurrencies like Bitcoin and Ethereum is going up as a result of planned legislation and regulations

This week, Bitcoin (BTC-USD) and Ethereum (ETH-USD) are both seeing a surge in value as investors are excited about a new regulatory framework and approval for an ether exchange-traded fund (ETF), both of which have the potential to enhance the sector. Jennifer Schonberger, a writer for Yahoo Finance, sheds further light on the new law that has the potential to transform the cryptocurrency industry.

The fact that the price of Bitcoin and Ethereum is rising due to proposed crypto legislation

The Financial Innovation and Technology for the 21st Century Act, often known as FIT21, is a piece of crypto legislation that is scheduled to be put to a vote in the House of Representatives for the very first time today. The Commodities Futures Trading Commission (CFTC) would become the primary regulator of digital assets as a result of this act, which would also provide consumer safeguards.

According to Republican members, FIT21 will offer clarity to the cryptocurrency business. On the other hand, Democrats feel that it will effectively deregulate the majority of cryptocurrencies by removing them from the purview of the Securities and Exchange Commission (SEC).

The vote is scheduled to take place today at around five o'clock Eastern Time, and it is anticipated that it will be successful. However, it is not yet apparent what the future holds for FIT21 in the Senate.

Click here to see the complete episode of Catalysts, which will provide you with further expert perspective as well as the most recent market movement.

About Author

Muhammed Farghaly
Muhammed Farghaly
56 Total posts


Read Also

Business
The UAE begins issuing a new passport with a new validity

As of today (Monday), the federal body for identity, citizenship, customs, and ports security formally announced the commencement of the issuance of UAE passports, which have a 10-year validity period for citizens who are 21 years of age or older.

Business
UAE Police Retrieve Dh300,000 Stolen from Woman in Online Scam

The Sharjah Police recently demonstrated their effective response to cybercrime by swiftly assisting an Emirati woman who had fallen victim to an online scam, resulting in a loss of Dh300,000. Upon receiving the victim's complaint, law...

Business
Saudi Trade Surplus Reaches Record $11 Bn; Top Exports to China, Japan, India

The General Authority for Statistics (GASTAT) preliminary data shows that Saudi Arabia's trade surplus in April 2024 was SR41.411 billion ($11 billion), the biggest surplus for the year thus far.

Business
Saudi Arabia: non-oil exports to China totaled $47 billion over the past 5 years

The economic relationship between Saudi Arabia and China is experiencing notable growth, with China being the world's second-largest economy and a major player in global consumption and manufacturing.

Business
Saudi Authority Warns: Submit VAT Returns by June 30 or Face Fines

Saudi Arabia has issued a firm reminder to businesses regarding the submission of their VAT returns by the end of the month to avoid facing substantial fines.

Business
Dubai: Annual rent for some villas, flats exceeds Dh1 million amid demand

Rents in Dubai have reached unprecedented heights, driven by a surge in demand for ultra-luxury properties.

Business
UAE Urges corporate taxpayers to submit registrations by June 30 or face fines

Tax officials in the United Arab Emirates have sent an urgent message to corporate taxpayers with permits from March and April. There will be fines imposed if these entities do not submit their registration applications by June 30, 2024.

Business
UAE sets 13 types of permits allow establishments to recruit & employ workers

The Ministry of Human Resources and Emiratisation (MoHRE) has announced a new requirement for private sector establishments and companies seeking to obtain new work permits.

Business
The UAE announces 7 benefits for holders of this visa

A digital government report states that the golden visa permits selected foreign nationals who are already in the UAE or who intend to visit to live, work, invest, and study there permanently. They can take advantage of special perks and can do so...

Business
UAE: Firms Face Dh10,000 Fine, as Corporate Tax Registration Deadline Approaches

Today, May 31, is the deadline for corporate tax registration for entities that did not have a license by March 1 this year.

Business
UAE announces Reduced electricity rates for some companies in industrial sector

On Wednesday, officials in the Northern Emirates announced a number of initiatives meant to encourage growth, one of which is a reduction in electricity tariffs for some industrial enterprises.

Business
Dubai Announces Easier Visa Process, Tax Exemption for One Za'abeel Firms

The recent announcement of One Za'abeel's integration into the Dubai World Trade Free Zone marks a pivotal moment for businesses within this iconic landmark. By aligning with the Free Zone framework, companies and organizations operating...

Business
Qatar introduces major licence boost for tourism sector

Qatar has launched new licensing regulations for the tourism industry with the aim of enhancing both the quantity and quality of its offerings to visitors. These updated rules will simplify the process for tourism enterprises to provide a range of...

Business
 The UAE announces the launch of a corporate tax guide for free zones 

The FTA’s Corporate Tax Guide for Free Zone Persons is a crucial resource for businesses in UAE free zones. It not only outlines the qualifications and requirements for the 0 percent Corporate Tax rate but also provides detailed instructions on...

Business
The UAE issues an important decision regarding taxes

In compliance with the corporate tax system in free zones, which permits eligible individuals based in free zones to benefit from 0% corporation tax on qualified income.

Business
UAE Firm to Expand Heliports and Connect Emirates, Dubai to RAK in 27 Minutes

A UAE-based company, Air Chateau International, is set to launch an inter-emirate private helicopter service, significantly enhancing travel convenience across the country. Passengers will soon be able to travel from Dubai to Ras Al Khaimah in under...

Business
Ethereum Eyes Liftoff as SEC Approval for Spot ETFs Looms: Exclusive Insights

Crypto Investors Rejoice! Ethereum Eyes Huge Gains as SEC Considers Spot ETFs. Our exclusive report breaks down the potential for a game-changing decision by the SEC. Don't miss out on these top Ethereum ETFs!

Business
UAE Airports Break Records with 36.5 Million Passengers in Q1

With a total of 36.5 million passengers, UAE airports had a considerable increase in traffic in the first quarter of 2024. When compared to the corresponding period last year, this represented an astounding 14.7% growth.

Business
UAE Insurers Increase Natural Calamity Premiums by Up to 50% Post-Record Rains

In the aftermath of recent natural disasters in the United Arab Emirates (UAE), insurance companies are recalibrating their premiums to reflect heightened risks.

Business
Saudi Arabia Approves Duty-Free Market Tax Exemption

In an effort to streamline customs procedures and enhance the experience of travelers, Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) has recently introduced measures to facilitate duty-free markets at various customs points across the...

Business
UAE Fines 50 Real Estate Agents, Suspends 7 Licences for Violating Rules

In recent months, regulatory authorities in both Abu Dhabi and Dubai have intensified efforts to ensure compliance with real estate regulations. This article delves into the enforcement actions taken against non-compliant real estate agents,...

Business
Emirates Airlines Reports Record $5 Billion Profit for 2023–24 

Dubai’s Emirates Group has unveiled its strongest financial performance ever for the fiscal year 2023–24, boasting remarkable profits, revenue, and cash asset levels.

Business
South Africa: A Survivor Was Found 5 Days After the Building Collapse

On a Saturday, rescuers and observers in South Africa were moved to tears of joy as they observed the incredible survival of a person who had been buried for an incredible 116 hours under the rubble of a collapsed building.

Business
UAE announces a partial closure of two key roads for a month in Abu Dhabi

An announcement was made on Saturday by AD Mobility regarding the partial closure of two important roadways in Abu Dhabi for a month. As Authorities in Al Ain have announced that beginning on Sunday, May 12 at 12am and continuing until Sunday, June...

Business
UAE Visa Cancellation: Can You Stay After Leaving Your Job?

Discover the intricacies of UAE visa cancellation: Can you stay after leaving your job? Get expert insights, FAQs, and actionable tips in this comprehensive guide.

Business
Dubai Remote Work Raises Overtime Pay Questions for Senior Employees

Recall that overtime caps at two hours each day and that a three-week maximum of 144 hours may be worked

Business
Dubai offers teens a unique opportunity to : Application, training, all you need

Imagining the pride of hearing one's son lead the prayer at the local mosque is a sentiment that resonates deeply with many parents.

Business
Canadian natural gas exports to America decreased for this reason

Due to the fact that the first station of its sort, which is also the first station to export liquefied gas from Canada, is about to begin operations, it is anticipated that the amount of gas that is exported from Canada to the United States would...

Ethereum Eyes Liftoff as SEC Approval for Spot ETFs Looms: Exclusive Insights