7 hours ago
A pro-crypto Congressman says central bank digital currencies (CBDCs) are a tool to upend the American way of life as he pushes for legislation to prevent their existence. In a new press release, Republican Congressman Tom Emmer of Minnesota says he’s introducing a bill that would codify President Donald Trump’s executive order to ban CBDCs into law as he believes they stand against American principles. “The bill is simple: It halts the efforts of unelected bureaucrats from ever issuing a central bank digital currency that could upend the American way of life. This bill has the support of over 100 Members of Congress and groups ranging from the Independent Community Bankers Association and the American Bankers Association to Club for Growth, Heritage Action, and the Blockchain Association. CBDC technology is inherently un-American and I’m grateful to President Trump for understanding this and signing an executive order banning CBDCs as one of his first actions as President. My bill would codify the executive order into law and prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens.” CBDCs are government-backed digital assets issued by a nation’s central bank that represent its fiat currency. Emmer first introduced a similar bill in 2022 that aimed to stifle the government from issuing CBDCs, at the time saying they would hurt the dominance of the US dollar and allow the state to keep tabs on citizens’ financial transactions. “[A]s other countries like China develop CBDCs that fundamentally omit the benefits and protections of cash. It is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance and cultivates innovation. CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users and track their transactions indefinitely.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post CBDCs ‘Obvious Tool for Financial Surveillance’ Against Americans, Says Congressman Emmer Amid New Stablecoin Bill appeared first on The Daily Hodl .
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Regulators cbdc central bank digital currency congress Crypto Donald Trump News regulators Tom Emmer
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Watch Out: XRP Faces Potential Downturn as Market Dynamics Shift
XRP is experiencing a significant price drop, with further declines possible. Technical patterns indicate critical support levels that could lead to deeper falls. Continue Reading: Watch Out: XRP Faces Potential Downturn as Market Dynamics Shift The post Watch Out: XRP Faces Potential Downturn as Market Dynamics Shift appeared first on COINTURK NEWS . The Daily Hodl
Bitcoin Price Risks Further Crash As S&P Monthly LMACD Turns Bearish, Why Bulls Have Only 20 Days
Crypto analyst Tony Severino has warned that the Bitcoin price risks a further crash. This came as he revealed a critical technical indicator, which has turned bearish for the flagship crypto, although he noted that BTC bulls can still invalidate this current bearish setup. Bitcoin Price At Risk Of Further Crash As S&P Monthly LMACD Turns Bearish In an X post, Severino indicated that the Bitcoin price could crash further as the S&P 500 monthly LMACD has begun to cross bearish and the histogram has turned red. This development is significant as IntoTheBlock data shows that BTC and the stock market still have a strong positive price correlation. Related Reading: Bitcoin Price Action Says Bottom Is In, Analyst Reveals What’s Coming The crypto analyst stated that BTC bulls can turn this bearish setup for the Bitcoin price in the next 20 days, as diverging would lead to a bullish setup instead. However, the Bulls’ failure to turn this around for Bitcoin could lead to a massive decline for the flagship crypto, worse than it has already witnessed. Severino stated that a confirmation of this bearish setup at the end of the month could kick off a bear market or Black Swan type event similar to what happened when the last two crossovers occurred. It is worth mentioning that BTC has already crashed to as low as $76,000 recently, sparking concerns that the bear market might already be here. However, crypto experts such as BitMEX co-founder Arthur Hayes have suggested that the bull market is still well in play for the Bitcoin price. Hayes noted that BTC has corrected around 30% from its current all-time high (ATH), which he remarked is normal in a bull run. The BitMEX founder predicts that the flagship crypto will rebound once the US Federal Reserve begins to ease its monetary policies. BTC Still Looking Good Despite Recent Crash Crypto analyst Kevin Capital has suggested that the Bitcoin price still looks good despite the recent crash. In his latest market update, he stated that BTC remains the best-looking chart and that everything is going according to plan for the flagship crypto. The analyst predicts that Bitcoin could still come down and test the range between $70,000 and $75,000, which he claims would still be completely fine. Related Reading: Bitcoin 77% Correction To $25,000, Will History Repeat Itself Kevin Capital remarked that the Bitcoin price could remain afloat if it holds a key market structure and the 3-day MACD resets. He added that some decent macro data could help the flagship crypto stay above key support levels. The US CPI data will be released today, which could provide some relief for the market if it shows that inflation is slowing. The analyst is confident that one good inflation report and the FOMC can help turn the tides. At the time of writing, the Bitcoin price is trading at around $81,860, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com The Daily Hodl
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