Top U.S. Lawmakers Pushing for New Cryptocurrency Rules

As the U.S. SEC drags its feet on cryptocurrency, other government officials have had enough.

In weeks, the U.S. IRS is expected to update its 2014 guidance on cryptocurrencies following a request from 20 lawmakers, as reported by The Wall Street Journal (WSJ). In fact, Congress is considering three bills that could resolve key legal issues surrounding digital currency.

Supporters in the nation’s capital say regulatory clarity is vital for crypto growth.

They also worry the U.S. is falling behind other countries, including Japan and Switzerland, which have developed legal frameworks that have attracted cryptocurrency projects and investment. “The concern I have is really about driving innovation out of the country,” said Rep.Tom Emmer (R., Minn.), as quoted by WSJ. 

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Some of the top coins to watch as this story unfolds includes:

Ripple (XRP)

Ripple (XRP) may be setting up for another push higher.

At less than 40 cents, the coin now sits oversold at its lower Bollinger Band (2,20). In addition, RSI is just beginning to rebound from an oversold point.  And Full Stochastics (Full STO) is below its 20-line.  Up to 85% of the time, when the coin becomes this oversold, technically, it bounces. We saw the same set up in early April 2019, January 2019, December 2018, and September 2018. In fact, each time, XRP exploded higher.

Dash (DASH)

Dash is also pushing higher in an ascending channel. On a recent pullback to $157, the coin now sits just above its lower Bollinger Band, as Full STO begins to pivot higher with RSI. If the coin can break above triple top resistance dating back to November 2018, NEO could rally to $250.

Cardano (ADA)

At the moment, ADA is consolidating at less than eight cents. However, it’s now considerably oversold at its lower Bollinger Band, and is oversold on RSI and Full STO. If ADA can breakout here, we could see a potential test of 16 cents.

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