Ethereum, Solana, Bitcoin: What’s Behind the Secret Crypto Law in the USA?

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Investing.com – BTC, BTC and BTC failed to sustain their Sunday rebound, which followed Saturday’s heavy losses, and fell again on Monday, January 24, 2022. BTC/USD falls – 3.06% to $34,597, while Ether lost -6.31% to $2,343.8 and plummeted -15.9% to $84.85.

Bitcoin: an upcoming US implementing decree?

Bitcoin may soon be subject to an executive order from the US government, according to a report by Bloomberg published on Saturday. According to the latter, senior government officials are already meeting to discuss an upcoming decree on cryptocurrencies. No official confirmation has yet been given.

So far, bitcoin and ethereum are considered commodities, allowing them to be monitored by the Commodity Futures Trading Commission (CFTC). For other crypto-currencies, it is the Securities and Exchange Commission (SEC) which considers itself competent and has filed a complaint against several crypto-currencies, because they are, according to it, unregistered securities.

At present, there is no clear legal situation for cryptocurrencies in the United States and the competences of the authorities are also not clear.

It is possible that the Biden administration’s executive order, as well as the Fed’s report on cryptocurrencies, will establish a clear framework.

Ethereum Foundation Sells High Again

The Ethereum Foundation is committed to network independence and important technological developments. Trader Edward Morra tweeted that the organization obviously had a lucky hand in its ether sales. She has already succeeded several times in selling tokens at the top of the market.

On May 17 it was 35,000 ETH and in November it was 20,000 ETH at a maximum price of $4,722.68. Investors are therefore well advised to always keep an eye on the Ethereum Foundation wallets.

Solana implements a solution to the bot problem

The Solana Network received the version 1.8.14 update after further technical difficulties that lasted approximately 30 hours.

During this period, deposits and withdrawals were difficult to make. The problems were triggered by the recent price drop, which resulted in some interesting arbitrage trades. These activated arbitrage bots that literally spun out of control and flooded the network with transactions.

In some DeFi projects, network issues have caused transactions to fail, leading to losses for clients. Solend is one such platform and said of the new update:

“An enableable setting has been added to whitelist liquidations when the network is overloaded. This should discourage spray-and-praying bots and reduce the overall load on the network.”

By Marco Oehrl

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