U.S. lawmakers introduce bill to protect digital assets

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U.S. lawmakers introduce bill to protect digital assets

Bitcoin and Ethereum are both lower early Tuesday morning.

Bitcoin traded at $38,602 per coin while Ethereum was trading at nearly $2,500, Coindek reported.

XPR was also trading at 19 cents, while Dogecoin was in the range of 71 cents, the report said.

MAYOR SUAREZ ON MIAMICOIN LAUNCH, SAYS CITY IS FOCUSED ON DIFFERENTIATING OUR ECONOMY'.

With China cracking down on Bitcoin trading, investors are looking elsewhere including the West to host their machines. Industry experts tell Coindesk Factors like lead times to build out hosting sites, energy and labor costs, tax regimes, climate and political and business environments are among many local issues that make it difficult for miners to map out a specific route of migration.

Investors are targeting North America, but keeping an eye on Central Asia, Latin America and Europe as serious contenders in the future. Some in the crypto industry are encouraging this development because it indicates a more decentralized distribution of hash power around the world and potentially assuages fears that Chinese miners have an outsized influence on Bitcoin network.

In other crypto news, a U.S. lawmaker who Coindesk says has shown little interest in cryptocurrency in the past is sponsoring a bill which would allow the Treasury Secretary to veto the creation of stablecoins, direct regulators to define rules for decentralized finance and possibly create a charter for crypto exchanges, among other measures.

The 58-page Digital Asset Market Structure and Investor Protection Act, which Rep. Don Beyer, D-Va. introduced on Thursday, seeks to create an exhaustive regulatory regime for digital assets. The measure would define which sorts of cryptocurrencies could be securities, which can be treated as commodities and make tax data collection for reporting purposes.