Cryptocurrency Price Check: Bitcoin Rises As Lawmakers Tighten Oversight

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Bitcoin was on the rise on Monday after the world’s largest cryptocurrency hit its highest level in more than two months.

Bitcoin rose nearly 2% to $ 45,688, according to CoinDesk, while Ethereum, which was down slightly to $ 3,113 at last check. Dogecoin fell 2.4% to around 26 cents.

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The increase follows reports of the Ethereum network upgrade in London, which standardizes the way cryptocurrency is bought and sold, making it harder for miners to charge exorbitant trading fees.

The price hike comes at a time when there is growing interest in cryptocurrency.

The infrastructure bill going through Congress would impose federal regulations on cryptocurrencies and increase the number of users who would have to report returns to the Internal Revenue Service.

On Saturday, the US Senate, including 18 Republican senators, passed a procedural vote 67-27 to limit debate and advance the $ 1 trillion infrastructure investment and jobs law to a final vote.

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Winston Ma, former managing director and head of North America of China Investment Corporation, China’s sovereign wealth fund, said U.S. Treasury Secretary Janet Yellen’s call last month for stablecoin regulation had was picked up last week by the chairman of the Securities and Exchange Commission, Gary Gensler.

Gensler called on lawmakers in prepared remarks to the Aspen Security Forum to give the agency more power to protect investors, saying “frankly right now it’s more like the Wild West.”

“Given the common attention given to stablecoins by the US Treasury Department, Federal Reserve and SEC, the development of stablecoin laws will accelerate in the United States,” said Ma, author of “The Digital War – How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.”

Ma noted that China is also strengthening the regulation of stablecoins.

“The United States and China disagree on much these days,” he said, “but on the regulation of stablecoins these two superpowers agree.”

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