Biden Official Reveals Crypto Plans Amid $2 Trillion Terra Luna Led Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Price Crash

Bitcoin
BTC
and cryptocurrencies have been hard hit this year by a brutal crash that’s sent the price of major cryptocurrencies into a tailspin.

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The bitcoin price has crashed under the closely-watched $20,000 per bitcoin level, down more than 70% from its all-time high set late last year. Ethereum and other top ten cryptocurrencies BNB
BNB
, XRP
XRP
, solana, cardano, and dogecoin have also seen similar declines—with some predicting more pain could be on the way.

Now, after Wall Street giant Deutsche Bank issued a surprise bitcoin price prediction this week, reports have emerged the Biden administration could pass crypto legislation governing so-called stablecoins such as the recently collapsed terraUSD and its support coin luna as soon as this year.

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MORE FROM FORBESSerious Coinbase ‘Sell’ Warning Triggers Sudden Price Crash As Bitcoin And Ethereum DiveBy Billy Bambrough

This week, the President’s Working Group on Financial Markets, a group that includes several financial regulators, met to discuss stablecoin legislation, with an anonymous official telling Coindesk the legislative package could become law by the end of the year. The source said it would define stablecoins for the purposes of U.S. regulation and address how they’re used.

The stablecoin market has ballooned in recent years with the largest stablecoin tether now boasting a…