BITCOIN

U.S. Senator Ted Cruz has introduced “legislation to prohibit the Federal Reserve from developing a direct-to-consumer” central bank digital currency (CBDC). The lawmaker warned that it “could be used as a financial surveillance tool by the federal government.” Another senator stressed: “The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government.” Senator Ted Cruz’s CBDC Bill U.S. Senator Ted Cruz (R-TX) announced Tuesday that he has reintroduced “legislation to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency which could be used as a financial surveillance tool by the federal government.” The bill, cosponsored by Senators Braun (R-IN) and Grassley (R-IA), was first introduced in March of last year. The announcement highlights the importance of ensuring that the U.S. digital currency policy “protects financial privacy, maintains the dollar

A week ago, the Ethereum layer two scaling solution Arbitrum announced the launch of its native token called ARB, and since then IOU markets have launched giving some indication of how much the token may be worth. ARB claiming begins March 23 and when people get their coins on exchanges, the token’s value may turn out to be a whole lot different. At present, ARB has been exchanging hands for $5.41 to $7.92 per unit over the past 24 hours. ARB Token Sees IOU Trade Volume but Market Value May Shift Significantly After Real Tokens Start Trading A new digital asset is entering the cryptocurrency economy after the layer two scaling solution Arbitrum announced the launch of its governance token last week. After the announcement, several centralized cryptocurrency exchanges launched IOU markets that people can trade, but only represent the market value of ARB before its launch. ARB claiming begins March 23 and the Arbitrum airdrop is highly anticipated. The cryptocurrency market price a

A legislative proposal has been introduced to support the bitcoin economy in the U.S. state of Texas. “The individuals who own bitcoin should be protected” under the Texas Constitution, the proposal describes. “No citizen of Texas shall ever be deprived of their right to own bitcoin and that all bitcoin owners will be protected as they enjoy all the privileges associated with the cryptocurrency.” Resolution to Support Bitcoin Economy A legislative proposal called House Concurrent Resolution 89 (HCR89), which expresses support for the bitcoin economy in Texas, was introduced in the state’s House of Representatives on Monday by Rep. Cody Harris. Concurrent resolutions require the approval of both the House and the Senate in the state but do not have the force of law. The resolution reads: The individuals who own bitcoin should be protected under Section 9, Article I, Texas Constitution, which states that ‘The people shall be secure in their persons, houses, papers and possessions,

Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a supercycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added that if past trends hold, bitcoin’s volatility is more likely to recover compared to commodities when the crypto “heads toward new highs.” Bitcoin’s Supercycle Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, explained on Twitter Tuesday that a supercycle may be happening in bitcoin. He tweeted: Looking for a super cycle? Bitcoin outperforms commodities with declining risk — Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the crypto. The strategist explained that a benefit bitcoin ( BTC ) has over most commodities is its “nascent stage of low and rising adoption vs. diminishing supply.” Referencing