Several House committees with jurisdiction over the matter convened to deliberate on how to proceed with crafting legislation regarding cryptocurrencies. However, a prominent Democrat among them expressed reservations about the need for specialized regulatory measures for the crypto industry.
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Bitcoin remains stagnant, inching closer to marking its first month of decline in 2023. Meanwhile, Ether experiences a slight increase but appears poised to end May in the red as well.16
The crypto debates have become progressively more polarized and politicized, exemplified by a recent CoinDesk article highlighting a contentious mining facility in New York.17
The miner stands to earn up to $75 million in management fees for the Celsius mining rigs over a span of five years, making it a highly lucrative venture.15
Florida's governor and the Republican Party's newest frontrunner engaged in a Twitter conversation with Elon Musk, discussing the realms of cryptocurrency and central bank digital currencies.18
The recent hedging activity of market makers, who consistently take the opposite side of investors' trades, appears to have effectively maintained price stability within a narrow range.19