Bitcoins <\/p>\n
Crypto prices, including bitcoin<\/a><\/span><\/span><\/span>, rose on Tuesday after President Trump announced a ceasefire between Iran and Israel<\/a>.<\/p>\n By midday Tuesday, bitcoin had passed the $105,000 level, ether<\/a><\/span><\/span><\/span> jumped back above the $2,400 mark, and XRP<\/a><\/span><\/span><\/span> climbed to $2.19.\u00a0<\/p>\n The risk-on action in the markets, which also saw stocks rally<\/a> on the Mideast de-escalation, wasn’t the only source of momentum, as Republican senators unveiled a major bill<\/a> to set the rules of the road for crypto. Specifically, the legislation would define when crypto is a commodity or a security, allow crypto exchanges to register with the Commodity Futures Trading Commission, and reduce the Securities and Exchange Commission’s regulation of digital assets \u2014 a big reversal from the plans of President Biden’s SEC Chair Gary Gensler to closely regulate the crypto industry.<\/p>\n The new framework was introduced by Senate Banking Committee Chairman Tim Scott of South Carolina and Senator Cynthia Lummis of Wyoming, who heads the panel’s Digital Assets Committee. Robinhood CEO Vlad Tenev said on CNBC’s “Squawk Box<\/a>” that the regulatory development was important for the U.S. to regain the lead in the crypto industry, where he said it has fallen behind other markets, including Europe.<\/p>\n Last week, the senate passed a stablecoin bill, marking the first major legislative win for the crypto industry, which now heads to the House for consideration of its version of the bill. Both bills prohibit yield-bearing consumer stablecoins \u2014 but differ on agency regulatory oversight.\u00a0Visa CEO Ryan McInerney weighed in<\/a> on the advancement of the Senate version, the Genius Act, telling CNBC’s “Squawk on the Street” that the credit card giant has been embracing stablecoins.\u00a0<\/p>\n Meanwhile, investors increased their bets on crypto company Digital Asset, which raised $135 million in funding from several big names in banking and finance, including Goldman Sachs, BNP Paribas and hedge fund billionaire Ken Griffin’s Citadel Securities.\u00a0The firm, which touts itself as a regulated crypto player, said it will use the funding to advance adoption of its Canton network, which is a blockchain for financial institutions, another sign of how major financial institutions are embedding themselves into the once obscure crypto world.\u00a0<\/p>\n<\/div>\n