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The tug of war to regulate the cryptocurrency market just got hotter in the United States. On Wednesday, Deborah Ann Stabenow, the Chairwoman of the Senate Agricultural Committee and a Democrat from Michigan, and Senator John Nichols Boozman, a Republican from Arkansas, proposed a bill to regulate cryptocurrencies in the U.S.

Under the proposed bill, the senators seek to make the Commodities Futures Trading Commission (CFTC) the sole regulator of digital commodities, including ether (ETH) and bitcoin (BTC), in a highly volatile industry.

If passed, the bill would increase the operational purview of the CFTC, which has the expertise in regulating derivatives (swaps and futures).

It is worth mentioning here that multiple proposals by various committees have been put on the Senate table over the past few months.

In June, a crypto bill was proposed by Senator Cynthia Lummis, a Republican from Wyoming, and Senator Kirsten Gillibrand, a Democrat from New York. Through the bill, they laid emphasis on regulation and tax treatments of digital assets, along with the roles of the CFTC and the Securities and Exchange Commission.

Further, in July, the House Financial Services Committee was seen framing a bill that sought to enhance the role of the Federal Reserve in the U.S. crypto market.

As of now, the proposed regulators for the crypto market include the CFTC, the U.S. Securities and Exchange Commission, and the Federal Reserve.

What Is Cryptocurrency and How Does It Work?

Cryptocurrencies, which includes bitcoin, ether, tether, and many others, are virtual currencies used for exchange purposes across a wide network of computers. Crypto transactions are secured by cryptography and are not governed by any authority in the United States. These are based on Blockchain technology.

Which Are the Best Cryptocurrency Stocks?

To answer this question, we have selected three stocks from TipRanks' list of the best cryptocurrency stocks in the United States, which are as follows: NVIDIA Corporation (NASDAQ: NVDA), Block, Inc. (NYSE: SQ), and Coinbase Global, Inc. (NASDAQ: COIN).

A brief discussion on these top three cryptocurrency stocks (by market capitalization) from the technology sector, along with a consolidated chart designed using TipRanks’ Stock Comparison tool, is provided below.

NVIDIA Corporation (NASDAQ: NVDA)

The $463.2-billion semiconductor company manufactures and provides cryptocurrency mining processors through its Compute & Networking segment. The company believes that the demand for mining processors is highly dependent on laws and regulations, technological advancements, cryptocurrency prices and standards, and multiple other factors. The company’s CMP HX is a cryptocurrency mining graphic processing unit (GPU).

On TipRanks, analysts are unanimously optimistic about NVDA’s prospects and have a Strong Buy consensus rating based on 25 Buys and five Holds. NVDA’s average price target of $245.55 suggests 32.54% upside potential from current levels. Year-to-date, shares of NVDA have declined 38.5%.

Investor sentiment on the stock is Neutral. The number of portfolios holding NVDA stock has increased 0.5% in the last 30 days while decreasing 0.2% in the last seven days.

Block, Inc. (NYSE: SQ)

The digital payments company’s mobile application, Cash App, equips its customers to purchase bitcoin (a cryptocurrency). In this process, the company generates bitcoin revenues, which accounted for nearly 57% of Block’s total revenues in 2021. On a year-over-year basis, the company’s bitcoin revenues grew 119% in 2021. The high demand and prices of bitcoin could be a top-line driver of this $45.9-billion company in the quarters ahead.

The company commands a Strong Buy consensus rating based on 29 Buys, seven Holds, and one Sell. SQ’s average price forecast of $120.97 mirrors a 52.95% upside potential from the current level. Year-to-date, shares of Block have decreased 51.8%.

According to TipRanks, investor sentiment is Negative on SQ stock. The portfolios with exposure to SQ stock have decreased by 0.6% in the last 30 days and 0.3% in the last seven days.

Coinbase Global, Inc. (NASDAQ: COIN)

The $14.9-billion company operates as a cryptocurrency exchange platform. Customers can access crypto markets in at least 100 countries through its technologies and financial infrastructure. Investments in product development, new product launches, and long-term prospects of the crypto market could help the company deal with near-term volatilities.

Year-to-date, shares of COIN have tanked 73.2%, while its average price forecast of $112.78 commands 67.75% upside potential. Also, the company has a Moderate Buy consensus rating based on 12 Buys, six Holds, and two Sells.

The number of portfolios with investments in COIN has decreased 0.4% in the last 30 days, and 0.1% in the last seven days. Investor sentiment toward the stock is Negative.

Concluding Remarks

It is clear from the above discussion that the U.S. Congress is eager to regulate the cryptocurrency market in the country. The bill by the Senate Agricultural Committee has a strong chance of survival, especially considering the support it has garnered from top officials.

A proper listing of digital commodity platforms, monitoring of trading activities, and disclosure of vital information would protect investors’ interests against any frauds and manipulations. Also, this would eventually help in easing out the volatility in the crypto markets.

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Nvidia (NVDA) closed at $188.93 in the latest trading session, marking a +1.98% move from the prior day. The stock outpaced the S&P 500's daily gain of 1.56%. Meanwhile, the Dow gained 1.29%, and the Nasdaq, a tech-heavy index, added 0.01%.

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Virtual reality (VR), augmented reality (AR), the metaverse, and all the sorts have been intriguing technological trends that excited many investors last year. Though most of the hype has died down and valuations have contracted, such themes are not going anywhere. In fact, it may be wise to reconsider many of the fallen VR/AR stocks before they have a chance to heat up again.

Understandably, investors have soured on technology stocks, with rates poised to rise quickly. Inflation continues to linger, and a recession could easily curb demand for discretionary goods like mixed-reality headsets and all hardware needed to get into the metaverse.

Further, nobody is really sure when the metaverse will be ready for prime time. Mark Zuckerberg thinks the metaverse represents a multi-billion-dollar opportunity. He may very well be right. However, the timeline is less certain.

In an era of COVID-19 and Monkeypox, which was recently declared a global health emergency, the metaverse as Zuckerberg sees it may be closer than we think, as consumers look to stay in during periods when outbreaks are at a high point. Remote work isn't going anywhere, and the surge in at-home entertainment may very well be just beginning.

In this piece, we used TipRanks' Comparison Tool to evaluate three stock giants that could become dominant forces in a metaverse market that could hit $475 billion in 2028.

Nvidia (NVDA)

Nvidia is a hardware innovator that could lay down the foundation for the metaverse. The chipmaker has an incredibly expensive stock due to its front-row seat to many of the hottest tech trends, from AI to the metaverse.

The company's Omniverse real-time graphics platform is nothing short of exciting. The Omniverse Enterprise platform can help drive a revolution in automation. However, its applications could also help power the metaverses of tomorrow.

Further, the firm's cutting-edge graphical-processing units (GPUs) will experience a surge in demand once the metaverse is ready for prime time. Nvidia is already a video-gaming powerhouse, with many of today's popular gaming PCs sporting Nvidia hardware.

On the GPU front, Nvidia is a standout player that could continue to flex its muscles. Though shares are expensive, the magnitude of growth on the horizon could have the potential to be unfathomably high.

Despite the lofty price tag on shares, Nvidia still has the Street’s support; The stock has no fewer than 30 analyst reviews on record, and they break down 25 to 5 (or 5 to 1, if you prefer) in favor of the Buys over Holds, for a Strong Buy analyst consensus view. NVDA is currently priced at $181.63 and its $245.55 average price target indicates room for ~35% share appreciation from that level. (See NVDA stock forecast on TipRanks)

Apple (AAPL)

Next up, we have iPhone maker Apple, which has made significant strides in AR in recent years. Though only a select few apps make the most of the latest iPhone's AR capabilities, we could see a surge in developers leveraging Apple's powerful AR toolkit once Apple launches a headset.

All eyes are open to Apple's coming headset, rumored to include the powerful M2 chip and incredibly high-resolution screens. Simply put, the device will be expensive, perhaps pricier than an upscale iPhone.

Accompanying the headset will likely be a cutting-edge operating system (rumored to be called realityOS or rOS). It seems like Apple is using the same playbook (or launchpad) it used when launching the first iPhone. I think Apple's headset could be a game-changer that gradually erodes the smartphone market.

It's not just the visual aspect that Apple may have down. Apple's spatial audio could make the Apple mixed-reality experience that much more immersive. Undeniably, Apple's a force to be reckoned with in the audio department, with its hot-selling AirPods and Apple Music.

Apple is no stranger to cannibalizing its own products, and it could be ready to do it again in 2023.

Tech stocks tend to attract a lot of attention, especially Apple – the stock has 27 analyst reviews on record, and they include 20 Buys against 6 Holds and a single Sell, to give the company its Moderate Buy consensus rating. The shares have an average price target of $179.89, indicating room for 11% growth from the current price of $162.51. (See AAPL stock forecast on TipRanks)

Microsoft (MSFT)

Finally, we have software behemoth Microsoft, which could also make noise in the metaverse. Though Microsoft is best-known for enterprise software, the firm has steadily grown its share in the video-gaming market with its impressive Xbox console, Xbox Game Pass subscription service, and Xbox Cloud Gaming.

Microsoft's expertise in gaming and the cloud could help smoothen the firm's transition into the metaverse. Indeed, the metaverse may not be just for play but for work.

On that front, Microsoft's Teams Mesh product is an intriguing environment that could be the next step up from the conference calls that we're all too familiar with. A digital office environment would be more engaging and could bring back a lot of the presence lost with the transition to remote work.

Microsoft is a fine pick to play software within the metaverse. Gaming and workplace collaboration will be two of the biggest draws to the metaverse, and it's hard to find a company that's excelled in both fields as well as Microsoft.

What does the Street think? With 29 Buy ratings and no Holds or Sells, the message is clear: MSFT is a Strong Buy. The $331 average price target puts the upside potential at ~18%. (See MSFT stock forecast on TipRanks)

Bottom line

The metaverse will be a game-changing technology, but the transition will not happen overnight. It's a trend that could accompany sizeable rewards over the next 10-15 years. The three stocks mentioned, I believe, are among the best ways to play the technological shift. Of the three metaverse plays in this piece, Wall Street expects the most from Nvidia over the next year, with around 35% expected returns.

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Disclaimer: The information contained in this article represents the views and opinion of the writer only, and not the views or opinion of TipRanks or its affiliates, and should be considered for informational purposes only. At the time of publication the writer did not have a position in any of the securities mentioned in this article.