24.12.202111:44 Forex Analysis & Reviews: New Crypto Bill on U.S. Senate Doorstep

Ether managed to protect the important support of $3,912, which will keep a pretty good chance of recovery at the end of this year. Bitcoin is also confidently pushing around the resistance of $49,490, counting on its breakdown in the near future. However, whether new large purchases will be above this level is a big question.

New Crypto Bill in the Senate

Wyoming Republican Senator Cynthia Lummis made several statements related to the cryptocurrency market Thursday. Lummis, one of the staunchest supporters of the crypto industry in Congress, plans to introduce a comprehensive bill next year that will cover everything from taxing digital assets and categorizing them to consumer protection.

This is pretty good news at the end of this year because the U.S. regulator, together with the tax office, will clearly not let go of this fast-growing sphere, therefore, a small regulation, within the framework of "everyone is happy with everything" will obviously bring to the market not only new crypto enthusiasts, but also quite wealthy investors who are tormented by doubts until the last – and whether they need all this.

If passed, the bill is expected to provide regulators with a clear understanding of which assets belong to which classes, provide consumer protection, regulate stablecoins and create a new organization under the joint jurisdiction of the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC).

Lummis, who is a member of the Senate Banking Committee, is viewed by the industry as a key advocate for the cryptocurrency, in which she also invests. In October, according to the reports provided, she announced buying bitcoins in the amount of $50,001 to $100,000. In total, she has over $250,000 worth of cryptocurrency. Because of this, she has been criticized many times.

Lummis is also one of a growing number of U.S. politicians who are collecting donations through a cryptocurrency campaign: her Wyoming website accepts Bitcoin donations.

The bill, which faces a difficult path through an equally divided Senate, will be one of the first attempts to establish comprehensive rules of conduct for a growing industry. Let me remind you that there were similar attempts to promote the bill this summer, but then everyone had no time for it. As a result, it was not even considered.

Telegram and TON blockchain

As for the development of the crypto industry, quite interesting news appeared Thursday related to Pavel Durov, his beloved Telegram and the TON blockchain, which the U.S. Securities Commission quickly hacked to death, similar to the attempt by Meta (formerly Facebook) to launch its token inside the network.

In his post on Thursday, the founder of Telegram stated that his TON blockchain is no longer dead, but has come back to life as Toncoin. The developers have nothing to do with Telegram and develop the blockchain in isolation.

"When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform," Durov wrote.

According to data from CoinMarketCap, this announcement caused the price of the Toncoin token to jump by almost 30%.

Bitcoin Technical picture

Bitcoin remains near the $49,500 level, a breakout of which will certainly increase the demand for BTC and open a direct path for it to the highs of $53,700 and $58,700. If the bears come close to the support of $45,660 again, and even worse, achieve its breakdown– it is best to be patient and wait for the levels to update: $41,600 and $37,380.

Ether Technical picture

Ether buyers have consolidated above the level of $3,912 - the middle of the sideways channel, which creates preconditions for further growth of the trading instrument. In the near future, it is possible that ETH will return to the $4,140 area. A breakout of this range will open a direct road to the highs: $4,404 and $ 4,647. If the pressure on ether returns, it is best to focus your attention and gain long positions in the support area of $3,680. Its breakdown is a very bad call for buyers at the end of this year.