Zcash Soars 10% Amid Regulatory Developments in Washington
Zcash (ZEC) led major cryptocurrencies on Wednesday with a 10% gain, pushing its price to just above $1,616. The increase is the largest among major tokens, according to CoinDesk data.
The rise in Zcash's value coincides with two recent developments in Washington. On September 17, the House Financial Services Committee approved the American Reserve Modernization Act by a vote of 28-21, sending it towards a full House vote. Additionally, the US Securities and Exchange Commission (SEC) has used an innovation exemption to clear a path for on-chain trading of tokenized US stocks within a day.
Tony Dicarlo, director of institutional propositions at RootstockLabs, attributed the rise in Zcash's value to the SEC's decision. 'Technically, Bitcoin's back above its 50 & 200 week moving averages, up ~29% in 35 days,' he said. He also noted that the American Reserve Modernization Act has reignited the conversation about a Strategic Bitcoin Reserve.