BTC slips as Congress decides TODAY if crypto is really 'MONEY

BITCOIN has slipped from yesterday's high of $7,558 but all eyes are on Capitol Hill this afternoon as the US executive takes up the crypto challenge. Any move towards regulation could send prices soaring and one expert described the talks as a, "great step in the right direction"

Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $7,330 this morning with ethereum falling to $478 and ripple down at $0.48.

The crypto community will watch and wait today with two US House of Representatives Committees hearing on the movement of digital assets into the centre of American life?

The Financial Policy Subcommittee hearing will examine "the extent to which the United States government should consider cryptocurrencies as money," while the House Committee on Agriculture will focus on the emergence of "digital assets".

Congress is set to "evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash."

Guy Hirsch, US Managing Director of eToro, told Express.co.uk that “today’s hearings are a great step in the right direction."

He said: "We encourage regulators to hear more from good actors and companies with an international presence since they would be valuable to this discussion in Congress.

"Cryptocurrencies are by design global assets and companies with global perspective are uniquely positioned to help regulators better understand the diverse regulatory approaches and best practices.

"Any law that Congress will pass affecting cryptocurrencies will have global impact on foreign companies that are doing business in the US or want to enter the US market and therefore it is important for US lawmakers to facilitate dialogue with other nations on this matter."

On the challenges for Congress he adds that digital assets have properties that don’t apply to our current understanding of securities or commodities.

He adds that while it makes sense to classify some tokens as securities, others are more accurately classified as currency or commodities, or perhaps a new asset class altogether.

He said: "Our industry should provide education and support for regulators to define a framework that will lead to logical and growth-oriented classification of each crypto.”

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