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US Bipartisan Relief Act Holds Potential To Stabilize Crypto and Stock Markets

There can be many things said about the US and its divide between Republicans and Democrats. Luckily for the US, the two ever-bickering groups have taken a break from infighting due to the CORVID-19 outbreak and the fear it brings. Nancy Pelosi, the House Speaker (D-CA), officially carried a bill through the House of Representatives. This bill gained the approval of US president, Donald Trump, and is a bid to give relief for those affected by the coronavirus.

Extended Sick Leave Granted

The bill itself is designed to give aid to workers who themselves have faced difficulty due to the coronavirus outbreak. Thanks to the widespread efforts to quarantine the virus, many have been caught in the crossfire and have been rendered incapable of working and were still denied paid sick leave.

The bill will enable employees to gain sick leave extensions to try and prevent the further impact of closures related to the virus. Another facet of the bill is to offer mitigated tax savings to various companies that seek to aid these affected employees in some way.

Joining Together Against Common Threats

American politics could be many things, with a good amount of those things being bad, but it seems that the threat of public terror and a pandemic appears to have calmed these two sides down. They will start bickering, as is the nature of US politics, but neither party wants to be seen as the side that made things worse, so both are playing nice.

Advent Of Stablecoins And Their Threat To Traditional Financial Systems
Source: HackerNoon

With this crisis uniting these two sides, the US President, Representative Pelosi, as well as Treasury Secretary, Steven Mnuchin, discussed this bill in detail across 20 separate phone conversations. This was in a bid to make this bill as attractive as it could be for both sides of the US political arena.

Good News For Market And Man

The result of this cooperation was the rapid passage through the House when the bill was presented. Furthermore, very few expect there to be any delay when it comes to the Senate, either. President Trump has gone public in stating that he would sign the bill the very moment it lands on his desk.

With the bill primarily focused on bringing relief to workers left without means to do their own job, some potential comes forth. In particular, the possibility for the stock markets, and the crypto markets, by extension, to start to calm down and not be overwhelmed by fear. Amid rampant stints of binge-buying supplies, most famously toilet paper, and selling everything that is a stock or asset to make sure they have liquidity on-hand, it would be nice if everyone just calmed down and thought things through.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.