The crypto market is booming. Today the senate still hasn’t finalized. A vote on the infrastructure bill, which is packed with crypto implications and bitboy continues to be highly bullish on xrp. If we haven’t met before my name is frank cho, i’m here to help you live a richer life and on this channel we talk about cryptocurrency, personal finance and investing if you haven’t hit that subscribe button, do it now that way, i can keep you informed of All the latest news and updates and don’t forget to destroy that like button for the youtube algorithm, it helps the channel a ton and make sure that you get the info. That is the most important to you now.
Let’S take a quick look at the market which is excelling today and then we’ll dive right into the news. We are up over five percent in the last 24 hours to 1.84 trillion with bitcoin over 44 000. Today, uh, it’s made a very uh nice climb over the last week, ethereum over 3100 and xrp at 81 cents. Right now it’s been up as high as 83 cents.
I saw earlier so having a nice uh recovery and you can see as we move down the list here of the top kryptos lots and lots of green, so a very nice day as we see things progressing now. Let’S talk about the lack of progress happening here in the senate, so this is uh cynthia loomis’s twitter. I would highly suggest that you go here. Click that follow button so that you can continue to get updates from her. She is one of the leaders in the space in the senate, so she is constantly proposing and pushing more crypto friendly regulations.
She is, of course, the senator from wyoming, but she did update here that there will be no votes tonight and that they will vote tomorrow and go back into session at noon eastern time tomorrow. So stay tuned, i’ll update you on what we hear coming out of that, but in that same respect you can see here. This has been covered in major media outlets across the board. We have cnn reporting that they’re waiting on the final vote, which we just saw. Cynthia loomis say, but the filibuster was broken debate shut down.
There have been numerous uh new or edited proposals, and so you can see that that sort of held things up here from getting that nice vote that we are expecting to see here soon and in that same respect we had two senators: propose exemptions to crypto tax Reporting required in this bill, so this amendment came out earlier today from senators mark warner and kirsten cinema uh, and it was updating their previous amendment modifying a crypto tax reporting provision in the senate’s landmark infrastructure bill. The original amendment was introduced late on thursday and would exclude crypto miners who are involved in validating transactions on distributed, ledgers and companies that are selling private key hardware or software wallets. An initial, updated version would broaden the exemption beyond just proof of work validators, but a second revision appears to only exempt proof of work and proof of stake. Validators. The senate is expected to vote both on this amendment, as well as the competing amendment written by senators.
Wyden, cynthia loomis and pat toomey, this amendment would exempt a broader swath of non-broker entities from the provision. The current version of the crypto reporting provision in the bill would broaden the definition of a broker to any entity within the cryptocurrency industry that facilitates the transfer of digital currencies to another person. Opponents of the provision have said that it would force miners hardware and software developers to track transactions of individuals who are not their direct customers. So you can see some of the language here i’ll link everything down below. If you want to do some additional research, i there’s been a lot of news on this topic over the past few days, from the middle of the week on, we’ve seen some heavy action, a lot of proposals, a lot of amendments to proposals, as you see here And uh the constantly changing language and ongoing debates, it can be quite confusing, and so until we sort of see what the final thing is tomorrow, which we would expect to see, this vote actually go through tomorrow.
Fingers crossed it was supposed to be. Today then, we’ll know more clearly what’s going on, but you can see here that the crypto lobby is continually pushing for looser standards here or more a leniency within the amendments, so that they’re able to have the clarity they need, but also not be overly restricted. If you follow jerry britto, he is one of the leaders in the crypto lobby, and you can see some of his comments saying that here. This amendment is not as good as the loomis amendment. It doesn’t exclude the protocol developers and so lots to come on this, and, and i apologize, we don’t have anything better to report on.
I wish we had more clear news here. I think that this could be a major catalyst for the market, as we go into the remainder of the weekend, if they do get some clear answers out of this clearly to find things within the bill that are voted on and make it through uh to the Next stage that will definitely help the market, depending on which amendment goes through, of course, uh. If we do get the more favorable one, we could see the the uptick that we’re already seeing continue to push even higher again more to come on this and throughout the day tomorrow. I’Ll be monitoring it, and so, when i do post next uh expect to see some updates on what’s been discussed there. So don’t forget to subscribe, so i can update you on those topics as they do become available now.
I did want to go into bitboy’s channel here. So if you don’t follow him of course, uh a major crypto bull uh talks very heavily on bitcoin ethereum cardano and such but is uh. Definitely a pro xrp person now uh. He has come around and you know much respect for him, saying in a previous video that he was wrong about xrp, admitting that he was wrong and coming around and understanding and promoting. It he’s done numerous videos on xrp now, including this latest one.
So i do want to share this with you just a few snips, so i’m going to take myself off screen here, so you can see him in full. There are definitely a few things of note that i think will be worth hearing here. So, let’s just play a few clips and we’ll talk about it as we go along ragging on for much longer than expected seems that it could come to a close any day. Now, if you pay attention to the moves that ripple has been making behind the scenes you can see they are pushing along with business as usual. Despite these regulatory threats, many of the details in the case have been sealed from the view of the public.
So there has been no official word about how the case is going, which means that there is no way that the market could have really priced this into xrp’s current valuation if they are successful or manage to escape serious consequences, which i think they will many people Will be caught off guard and the price will likely rally to new all-time highs very interesting to hear just you know how bullish he is that we could see new all-time highs, coming off of the fact that hey, we haven’t priced any of the favorable uh probability That the ripple team comes unscathed or has minimal repercussions out of the sec case, so uh one of the big things that he’s been talking about lately and we talk about all the time on the channel here is you know the sec case is a major headwind Right now, but once that is resolved, there’s a great opportunity and new all-time highs could be in our future, but we just need to get beyond this now until it’s resolved, we’re still going to be kind of held back, but that’s okay. We understand that and we look forward to the time when that is finally resolved, and i think the one other thing he points out here that i think is worth mentioning is just how well positioned the company is, despite what’s been happening with the sec. It’S no secret. That ripple is positioned for this task better than any other project in the industry. Rebels.
Corporate outreach goes all the way back to 2004, so the company was building relationships in the legacy system years before bitcoin, and the first crypto boom ripple was also experimenting with distributed, ledger technology or dlt. So they were quick to recognize the potential crypto and launched xrp in 2012, when the industry was just getting started. Most blockchains have been developed as networks that exist outside of the traditional system, which has been a great thing and led to an incredible amount of innovation. In this field, but ripple continued to focus on strengthening his existing relationships with institutions and offering solutions to improve their payment rails. So you can see that even bit boy agrees that the ripple team has products and services that are well ahead of any competing product.
In the market – and this serves as a great positioning for not just the company but for xrp, of course, the digital asset. I hope that you found this information to be helpful and if you did make sure that you hit that subscribe button, so i can keep you updated on all the future topics that are coming up here in the space and don’t forget to drop a like for The youtube algorithm, thank you so much for your support and for spending some of your time here with me. I truly appreciate it. I hope you have a fantastic rest of your weekend and i will see you in the next one.