Potential Legislation Could Lead to Significant Cryptocurrency Price Surge

Bitcoin price Cryptocurrency
Bitcoin price surge: Bitcoin and other major cryptocurrencies like Ethereum and XRP have rebounded sharply in 2024 after experiencing significant lows in 2022. The price of Bitcoin has surged back to its previous all-time high of around $70,000 per BTC, with projections suggesting it could rise further to between $100,000 and $150,000.

This bullish outlook is fueled by favorable price patterns noticed by traders and analysts. Simultaneously, Ethereum, BlockDAG Network, and other altcoins are poised for substantial positive impacts from Wall Street.

In the political arena, both President Joe Biden and former President Donald Trump are making strategic moves concerning cryptocurrencies. A potentially transformative bill, which passed quietly through a Senate committee, could become a pivotal piece of U.S. crypto legislation if it becomes law.

Recently, the U.S. Senate Select Committee on Intelligence approved its funding package, which includes a significant but under-the-radar provision regarding cryptocurrency. This provision requires crypto companies to gather more detailed information about their users, or they will face sanctions aimed at preventing terrorism financing.

As reported by Coindesk, this initiative aims to “speed and automate the process to sanction ‘foreign digital asset transaction facilitators,’ including crypto exchanges linked to users supporting terrorist groups.”

The Intelligence Authorization Act (IAA) passed with unanimous support in a 17-0 vote. However, the crypto-specific section of the bill was not prominently discussed when Senator Mark Warner, the committee’s Democratic chairman, announced the vote. Warner highlighted that the bill strengthens the U.S. intelligence community’s ability to identify and counter technological threats from adversarial nations and classifies foreign ransomware organizations as hostile cyber actors.

Despite the bill’s importance, insiders in the crypto industry believe that this provision may not survive the budget approval process. Cody Carbone, the chief policy officer for the Digital Chamber, told Coindesk that pushback from the industry might lead to its removal from the National Defense Authorization Act (NDAA). Such a removal could alleviate industry concerns and boost confidence and investment in the crypto market.

In addition, last month the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (Fit21). This legislation divides the responsibility for cryptocurrency regulation between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).

The bill has garnered strong support from crypto companies and pro-crypto lobby groups, and the resulting regulatory clarity is expected to attract more institutional investment, thereby increasing the value of cryptocurrencies.

The Biden administration has recently softened its stance on Bitcoin and cryptocurrencies, partly in response to Donald Trump’s pledge to support the crypto industry. Last week, Trump held a crypto-friendly fundraiser in Silicon Valley, hosted by investors David Sacks and Chamath Palihapitiya, raising approximately $12 million. Trump proclaimed his intention to become the “crypto president” and vowed that the Biden-Gensler crackdown on crypto would end swiftly if he were re-elected.

Trump’s endorsement of cryptocurrencies and digital assets could lead to a significant increase in industry value and growth of individual projects as early as 2025. His support, combined with technological advancements and favorable regulatory changes, creates a positive outlook for the market.

In the evolving landscape of cryptocurrencies, BlockDAG Network stands out as a revolutionary technology. Unlike traditional blockchain, which relies on a linear sequence of blocks, BlockDAG (Directed Acyclic Graph) technology allows for multiple chains of blocks to coexist and interconnect. This structure significantly boosts transaction throughput and scalability while reducing confirmation times.

BlockDAG Network can handle a higher volume of transactions without compromising security or decentralization, addressing one of the most critical challenges faced by traditional blockchain networks.

As cryptocurrencies continue to gain mainstream attention and political support, technologies like BlockDAG Network are poised to play a crucial role in the industry and could yield substantial returns for both new and existing investors.

The combination of legislative developments, favorable regulatory changes, and high-profile endorsements sets the stage for a significant market rally. Investors should prepare for a potential surge in cryptocurrency prices, as the bill’s positive impact on the crypto ecosystem could trigger substantial increases in the value of digital assets like Bitcoin, Ethereum, BlockDAG Network, and other major altcoins, making the industry more robust and appealing to a broader range of investors.

Also Read: Trump Advocates for U.S. Bitcoin Mining, Shifts Stance on Cryptocurrency

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