REGULATIONS! Could President Biden’s American Jobs Stimulus package effectively ban Dogecoin, Bitcoin and other cryptocurrencies in the US? Let’s find out all the details, including the actual text, the Biden administration’s stand on crypto, and how we compare with other countries around the world. Is it a good time to get out now? all probably heard of the overnight flash crash of cryptocurrencies from all over. Bitcoin dropped as low as $52,148.98 on Sunday morning after reaching an all-time high above $64,800 on Wednesday. ether, the second-biggest token by market value, dropped as much as 18% and fell below $2,000 on Sunday. Also, crypto underdog dogecoin, which soared more than 400% at one point last week and hit an all-time high of 45 cents, dropped as low as 24 cents this weekend. Well, one of the big factors behind this was Turkey banning the use of cryptocurrencies and other digital assets for payments. According to their central bank, cryptocurrencies “may cause non-recoverable losses for the parties to the transactions” due to the lack of regulation.
Another big rumor behind the crash was that the U.S. Treasury Department could be looking to crack down on financial institutions for money laundering using cryptocurrency. A viral tweet last Saturday evening from the account @Fxhedgers said that there was a possibility of a crackdown according to unnamed sources. No official comment from the US Treasury Department yet. Could this be a sign of things to come from the Biden administration and cryptocurrencies, like Bitcoin and Dogecoin?
Let’s focus our attention to the upcoming stimulus/infrastructure package that Biden and the Democrats are busying themselves with. Here’s the fact sheet of what they’re calling the American Jobs Plan. We can see a potential red flag here where it says, “our nation is falling behind its biggest competitors on research and development (R&D), manufacturing, and training. It has never been more important for us to invest in strengthening our infrastructure and competitiveness.” They’re already considering developing the country’s own version of cryptocurrency. I mean, other countries, like China, are doing this already.
Biden talks about his Made in America Tax Plan. “President Biden believes that profitable corporations should not be able to get away with paying little or no tax by shifting jobs and profits overseas. Expressing his concerns over cryptocurrency as well is US Federal Reserve chairman Jerome Powell. According to him, “they’re highly volatile and therefore not really useful as a store of value. They’re more of an asset for speculation. So they’re also not particularly in use as a means of payment. … It’s essentially a substitute for gold rather than for the dollar.
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The goal is to bring the American people up to date by covering the third stimulus check update progress and the stimulus 3 developments. When you need a status on the stimulus check 4, Ron Yates . The 3rd stimulus check and the stimulus check round 3 is expected to happen with Joe Biden as President and Democrats in control of the Senate. stimulus finally passed $1400 third stimulus check update unemployment checks coming.
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