Bitcoin hits $72,000, encouraging the crypto industry

The price of Bitcoin was hovering around $72,000 on Tuesday. extend a gathering this has helped create a new generation of crypto billionaires.

The cryptocurrency has soared more than 50% since the Securities and Exchange Commission. approved the first Bitcoin exchange-traded funds in January, attracting a wave of traditional investors to cryptocurrency trading.

Coinbase, a Nasdaq-listed cryptocurrency exchange, has seen its stock rise alongside Bitcoin this year. The company is pushing for more favorable treatment from regulators, sue the SEC and accusing him of “capricious” behavior. He said in his complaint that the agency had avoided its responsibility to write clear rules for how the industry should operate.

Harsh tactics have already worked. Grayscale Investments, a digital asset manager, sued the SEC last year after the regulator rejected its application for a Bitcoin exchange-traded fund. A panel of judges agreed that the agency had acted arbitrarily, a decision that paved the way for January's approval of new Bitcoin funds.

The industry is also flexing its political muscle. Coinbase and others have supported a network of well-funded political action committees that some believe played a role in Slaughter Representative Katie PorterDemocrat from California, a crypto skeptic who lost her race to become the party's Senate nominee.

The sector is now looking new targets to strengthen or overthrow. “The cryptocurrency advocacy community is feeling pretty good right now,” said Kristin Smith, executive director of the Blockchain Association, a trade group. “For the first time since Bitcoin was created 15 years ago, we have the tools in place, policy and policy.”

The sector received another boost Monday when Travis Hill, vice president of the Federal Deposit Insurance Corporation, called on regulators to ease restrictions on how banks manage customers' digital assets.

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