US Government Reported be in Early Stages of Regulation Framework for Bitcoin

US Government Reported be in Early Stages of Regulation Framework for Bitcoin

With the ever-increasing adoption of Bitcoin (BTC) around the world, an inside source claims that the United States government is in the early stages of developing regulatory guidelines for the benchmark cryptocurrency and the cryptocurrency industry at large.

One source told Charlie Gasparino, the host of FOX Business, that the impending regulation, led by treasury secretary Janet Yellen and deputy treasury secretary Wally Adeyemo, is aimed at the crypto industry infrastructure and taxation.

The inside source also told Gasparino that US SEC chairman Gary Gensler is yet to receive a go-ahead from the Treasury Department to create a regulatory apparatus for Bitcoin and the crypto industry.

While the date for the publication of the regulation is still unknown, the US government has implemented an anti-money laundering (AML) rule, which requires transactions of over $3,000 to follow KYC protocols.

The new rule has come under intense criticism from crypto industry players of all sizes. Recently, Kraken CEO Jesse Powell noted that the rule conflicts with Bitcoin’s pseudonymous nature.

While the intricacies of the regulation are still unknown, Gasparino asserted that it would be near impossible to implement a ban on cryptocurrencies at its current level, given how it has integrated into the global financial and economic space.

Key BTC Levels to Watch — April 20
Bitcoin remains in a struggle to find its footing following Sunday’s crash. The primary cryptocurrency has been trading along a descending trendline since it touched the $64,900 all-time high.

BTCUSD – Hourly Chart

BTC saw the emergence of a double-bottom pattern earlier today, which indicates a bullish recovery. However, the rebound failed to drive the cryptocurrency above the crucial $56,700 resistance, as bears kept the pressure.

That said, until Bitcoin crosses the $56,700 level, it faces a real risk of plunging to lower levels over the coming days.

Meanwhile, our resistance levels are at $56,000, $56,700, and $57,500, and our key support levels are at $55,000, $54,000, and $53,400.

Total Market Capitalization: $2.02 trillion

Bitcoin Market Capitalization: $1.04 trillion

Bitcoin Dominance: 51.2%

Market Rank: #1

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.