What Bitcoin (BTC) Price Needs To Go Above $22k, According To This Prediction
✍️ 14 October, 2022 - 10:43 👤 Editor: Jakub Motyka
- Digital asset expert, Patrick Hansen, says that BTC needs proper regulations to reach $22k.
- The role of major US regulators in crypto oversight remains a point of contention.
- The latest news about cryptos, in our Telegram Channel.
Crypto venture advisor at Presight Capital, Patrick Hansen, says that Bitcoin (BTC) needs regulations to trade above $22,000. In his price prediction, he added that given proper policies, all sovereign funds could only comply with the SEC.
Hansen’s remarks were echoed by CFTC chairperson Rostin Behman. The executive is also calling for a clear regulatory framework led by the commission. The CFTC boss believes that having good policies in the digital asset space will greatly benefit the value of BTC.
Most analysts concur with the sentiments that there is a lack of clear crypto regulations. The experts maintain that the policy vacuum is affecting the sector. The two major US regulators, the SEC and the CFTC, have had back and forth in their quest for crypto laws.
Need For Crypto Regulations Puts SEC In Crosshairs With The CFTC
Both agencies have been second-guessing who should lead the digital asset regulations. The reluctance has left the sector with unclear guidance.
According to Allen and Overy’s partner, Dario de Martino, the SEC's current regulatory approach is by enforcement. Martino argues that such a reactive take is hindering progress in the sector. He also agrees that the crypto space has inadequate laws.
A bipartisan bill dated April 2022 has been reintroduced to the US Congress. The draft by the Senate Agriculture committee is expected to give the CFTC the mandate to fully regulate the crypto space. The legislation, dubbed the Digital Commodity Exchange Act of 2022, clearly defines the rules of engagement for a digital commodity exchange.
US Legislators Reintroduce Crypto Bill In Latest Efforts To Tame The Sector
If the bill passes through, CFTC will oversee firms that issue or allow people to trade. In the arrangement, VASP will only deal with tokens on CFTC-registered exchanges. On the other hand, the SEC retains the responsibility of regulating tokens that fall under its portfolio.
The latest attempt to pass the law is part of a bigger plan by the US administration to tame cryptos. Biden’s administration is seeking big steps in boosting the fight against fraud in digital assets. Moreover, the US Treasury secretary, Janet Yellen, has strongly spoken about crypto regulations.
Amid the debate on regulations, major cryptos are staging a recovery. At the time of writing, BTC was up 3% in the past day and down 2% in the past week. The second largest crypto, ETH, has equally gained about 4% to trade at $1,328.
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