‘Much-Needed’ Crypto Bill Praised by Backers, Panned by Skeptics

A bipartisan Senate duo introduced a sweeping cryptocurrencies bill Tuesday that would buttress rules pertaining to issues like sanctions compliance, stablecoin oversight and energy usage.

The proposal received positive feedback from the digital-asset community, with many saying they’re welcoming greater clarity. At the same time, some financial reform groups bashed it. Crypto prices declined Tuesday, with Bitcoin losing as much as 7.1% to trade below $30,000 once again. Other tokens dropped more, with Solana falling 11% at one point.

Read more: Sweeping US Crypto Legislation Targets Stablecoins, Mining

Bloomberg

While chances of passage are slim ahead of November’s midterm Congressional ...