A congressman proposes a game-changing crypto bill, which could be a catalyst for the price of bitcoin, ethereum, bnb, solana, cardano, XRP
The tide in the crypto market has turned. Today the bitcoin price sank 4%. The price of the second-largest crypto, ethereum, is down 3.5%. Meanwhile, the BNB price slipped 1.9%, cardano 3.3%, XRP 3.4%, and solana 4.9%. However, a major catalyst is brewing that could turn cryptocurrency prices around. Bitcoin cryptocurrency coin NurPhoto via Getty Images As the Fed pushes ahead with its crypto investigation into a digital dollar —which would create competition for major cryptocurrencies, such as bitcoin, ethereum, solana, XRP, and BNB—one congressman is seeking to ban government-issued digital currencies. This past Wednesday, Minnesota Republican Representative, Tom Emmer, introduced a bill that would put a damper on the Fed's powers in issuing a digital currency directly to American citizens, which he thinks would put the nation on an authoritarian path. "Requiring users to open up an account at the Fed to access a US CBDC would put the Fed on an insidious path akin to China's digital authoritarianism," he said in a statement. "It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts." Although Fed Chair Jerome Powell said cryptos could co-exist with central bank-issued cryptocurrencies, the congressman argues a CBCD would allow the Fed to surveil Americans, which defeats the whole purpose of a decentralized cryptocurrency. "CBDCs that fail to adhere to these three…