Bitcoin and various other significant cryptocurrencies like Ethereum and XRP have experienced a surge in 2024 after hitting rock bottom in 2022. The price of Bitcoin has bounced back to its previous peak of approximately $70,000 per BTC and could potentially climb even higher to anywhere between $100,000 to $150,000 as traders and analysts detect a bullish price trend. Meanwhile, Ethereum, BlockDAG Network, and other alternative coins are gearing up for a substantial and positive impact from Wall Street.
In the midst of a political landscape where both President Joe Biden and former President Donald Trump are making moves related to cryptocurrency, a potentially game-changing bill has surfaced. Quietly passed by a Senate committee, this bill could become the most crucial U.S. crypto policy if it becomes law.
The U.S. Senate Select Committee on Intelligence recently approved its funding package, which includes a relatively unnoticed crypto provision. This provision requires crypto companies to gather more information about their users or face sanctions aimed at preventing terrorism financing. According to Coindesk, this move would “accelerate and automate the process to sanction ‘foreign digital asset transaction facilitators,’ including crypto exchanges associated with users who support terrorist groups.”
The Intelligence Authorization Act (IAA) was unanimously passed with a 17-0 vote. However, the crypto section was not emphasized when Senator Mark Warner, the Democratic chair of the committee, announced the vote. Warner highlighted that the bill enhances the U.S. intelligence community’s ability to detect and counter technological threats from adversarial nations and categorizes foreign ransomware organizations as hostile cyber actors.
Despite the significance of the bill, insiders in the crypto industry believe that the provision might not survive the budget process. Cody Carbone, the chief policy officer for the Digital Chamber, expressed to Coindesk that there could be resistance from the industry, potentially leading to its removal from the National Defense Authorization Act (NDAA). This potential removal could alleviate concerns and further boost confidence and investment in the crypto market.
Last month, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (Fit21). This act divides the responsibility for cryptocurrency regulation between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) and has garnered broad support from crypto companies and pro-crypto lobby groups. Such regulatory clarity and support are likely to attract more institutional investment, driving up the value of cryptocurrencies.
The Biden administration has softened its stance on Bitcoin and cryptocurrency recently, following Donald Trump’s pledge to support the crypto industry. Trump’s endorsement of crypto and digital assets could lead to a significant increase in industry value and individual project growth as early as 2025. His support, in conjunction with technological advancements and favorable regulatory changes, paints a positive outlook for the market.
In the ever-evolving realm of cryptocurrencies, BlockDAG Network emerges as a revolutionary technology. Unlike the traditional blockchain that relies on a linear sequence of blocks, BlockDAG (Directed Acyclic Graph) permits multiple chains of blocks to coexist and interconnect. This structure significantly boosts transaction throughput and scalability while reducing confirmation times.
BlockDAG Network can manage a higher volume of transactions without compromising security or decentralization, tackling one of the most critical challenges faced by traditional blockchain networks. As cryptocurrencies garner more mainstream attention and political endorsement, technologies like BlockDAG Network could play a vital role in the industry and generate substantial returns for both new and existing venture capitalists.
The legislative advancements, combined with favorable regulatory changes and high-profile endorsements, set the stage for a significant market rally. Investors should brace themselves for a potential surge in the near future, as the bill’s positive impact on the crypto ecosystem could trigger a substantial increase in the value of various digital assets including Bitcoin, Ethereum, BlockDAG Network, and other major altcoins, making the industry more robust and appealing to a broader investor base.
