Will Congress Help US Reclaim ‘Leadership Role’ In Blockchain?

By Pune Media On Nov 7, 2024 17

As blockchain technology moves further into mainstream finance, Anthony Moro, CEO of Provenance Blockchain Labs, calls for regulatory clarity to position the U.S. as a leader in the digital asset arena. Moro, who will speak at the upcoming Benzinga Future of Digital Assets event, discussed the urgent need for updated regulations that directly address blockchain and digital assets.

Congressional Role in Blockchain Policy

Moro noted that while traditional financial regulations remain in place, they often fail to include blockchain terminology or adequately address the technology’s capabilities. “Congress has several critical tasks to tackle to ensure the U.S. regains a leadership role when it comes to Web 3.0, crypto, and blockchain technology,” Moro said.

He highlighted that conflicting standards can hold back blockchain integration, making it essential for Congress to engage with the industry to foster greater regulatory clarity.

Bringing Banks Into Digital Asset Custody

Another regulatory hurdle Moro discussed is the limited role U.S. banks can play in handling digital assets. Moro argued that permitting banks to participate in digital asset custody and transactions would increase blockchain adoption and offer consumers access to more cost-effective and efficient technology.

“This more pro-crypto Congress will be in a position to invite the industry to a productive discussion that leads to regulatory clarity,” he added.

Boosting Access to Blockchain for Institutions and Consumers

Moro’s vision for U.S. leadership in blockchain involves a balanced regulatory framework that supports financial institutions and consumers. He believes this new approach could enable a more inclusive digital asset space, aligning modern blockchain applications with existing structures to maximize efficiency and transparency.

As Moro prepares to expand on these topics at the Benzinga Future of Digital Assets event, he remains optimistic that proactive congressional discussions could propel blockchain technology forward, positioning the U.S. as a global leader in Web 3.0 and digital finance.

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As the digital asset market continues to mature, the convergence of regulatory shifts, M&A activities, and adoption trends will define the future of this dynamic field. Benzinga’s Future of Digital Assets event in New York City this November will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

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