Cruz supports a bill to keep the U.S. from “an insidious course akin to China”
Exas Senator Ted Cruz presented companion legislation to the U.S. Senate Wednesday for Minnesota Rep. Tom Emmer’s bill prohibiting Federal Reserve from issuing central banks digital currency directly to individuals. Emmer announced. January 18th was the date Emmer introduced his House bill. Cruz, a fellow Republican, introduced the House bill Jan. 18. This could speed up or slow down the bill’s passage by allowing it to be considered simultaneously in both chambers.
According to Emmer, who is co-chair of Congressional Blockchain Caucus’, his bill was motivated by concerns that a retail CBDC forcing consumers to open accounts at the Federal Reserve Bank could be used “as a surveillance tool that Americans shouldn’t tolerate from their own governments,” according to the lawmaker. Emmer stated in January that
He stated that centralizing financial information of consumers would lead to security problems.
Individual accounts cannot be opened by the Fed. In January, the Fed released an analysis paper on CBDC that detailed the disclosure issues and highlighted the need for privacy to be balanced with transparency to prevent criminal activity. According to the paper, the best form of U.S. CBDC was intermediated. This means that “the private sector would offer digital wallets or accounts to facilitate the management and payment of CBDC holdings.”
It would be possible to create a CBDC through intermediation without having to change the Fed’s authority. It would also transfer responsibility for identity verification (another essential CBDC quality) to a private financial services provider. According to the Fed paper, “The Federal Reserve doesn’t intend to issue a CBDC without clear support by the executive branch and Congress, ideally in form of a specific authorizing legislation.”
Cruz’s bill is a follow-up to Monday’s Democratic proposal in Congress to create an electronic dollar that’s not based upon blockchain technology. It would be issued instead by the Fed Treasury Department. This electronic currency would not be account-based but device-based.
The price of Solana has risen 11% in the last week, as the altcoin rebounded from its recent price drop. Investors are now embracing a bullish narrative because of Solana’s recent updates and partnerships.
The price of Solana could rise to $100
The price of Solana continued to rise as altcoins remained above $100. Analysts have observed a bullish momentum within the Ethereum killer. Solana has posted double digit gains.
The community is optimistic about the Solana price rise following the announcement of its partnership to South Korean gaming giant. Investors have been encouraged by the Solana ecosystem’s latest developments.
Solana has announced the launch of the “Solana Miami” event. This event invites the developer community, which will be held on April 5, to get involved in the altcoin network. Hacker House is part of Solana Miami. It allows Solana’s developer community to create offline applications with guidance from an on-the-ground expert.
Free admission is available to artists and merchants from Miami to exhibit their work to Solana.
Analysts evaluated the Solana price trends and predicted that the altcoin would continue its upward trend, at least $100 above. @TraderKoz thinks the Solana price trend is solid. The analyst is bullish about the Ethereum-killer
The upgrade to Ether’s blockchain, which is the second largest cryptocurrency in circulation, is highly anticipated. This could lead to institutional investors investing more money and helping to increase Ether’s value.
The ultimate goal of Ethereum, the upgraded blockchain, is to make it more scalable and secure. It would also eliminate the need for crypto mining, which is a source of severe criticism.
Bitcoin, with a market capitalization of more than $804 billion, is currently the largest cryptocurrency. However, Ether with a market cap of over $360 billion could become the leader in the future after an infrastructure upgrade called “merge.”
Industry watchers speculate that the “merge”, although a timetable is not yet clear, could occur this summer. There’s a lot at stake for investors already.
Ethereum is not only used to power Ether but also by non-fungible token project (NFTs) and decentralized finance applications (DeFi). An upgrade could greatly increase its value.
Ethereum relies on proof-of-work, where miners must solve complex puzzles in order to validate transactions and create new coins. This process is extremely complex and requires huge amounts of computer power. It’s also often criticised for its negative environmental impact.
According to data dashboard Watch the Burn, Ethereum has already destroyed or burned $5.9 billion worth Ether since August’s implementation of an important upgrade. Although the August upgrade was not related to the merger, it does indicate that Ether issuance has slowed down. Some believe that Ether could become a deflationary asset or one with declining supply which can be used to store value. Bitcoin is already regarded as a safe haven.