“Crypto-Breakthrough” Bill Could See Bitcoin, Ethereum, and BlockDAG Network Prices Skyrocket “Very Soon”

General

Bitcoin
and
other
major
cryptocurrencies,
including
Ethereum
and
XRP,
have
surged
in
2024
after
hitting
their
lowest
points
in
2022.
The
Bitcoin
price
has
rebounded
to
its
previous
all-time
high
of
around
$70,000
per
BTC
and
could
potentially
surge
further
to
anywhere
between
$100,000
to
$150,000
as
traders
and
analysts
are
noticing
a
bullish
price
pattern.
Meanwhile,
Ethereum, BlockDAG
Network,
and
other
altcoins
are
preparing
for
a
significant
but
positive
impact
from
Wall
Street.

Amid
the
political
landscape,
where
both
President
Joe
Biden
and
former
President
Donald
Trump
are
making
moves
related
to
cryptocurrency,
a
potentially
transformative
bill
has
emerged.
Passed
quietly
by
a
Senate
committee,
this
bill
could
become
the
most
crucial
U.S.
crypto
policy
if
it
becomes
law.

Senate
Committee
Passes
Crypto
Provision

The
U.S.
Senate
Select
Committee
on
Intelligence
recently
passed
its
funding
package,
which
includes
a
little-noticed
crypto
provision.
This
provision
mandates
crypto
companies
to
collect
more
information
about
their
users
or
face
sanctions
designed
to
prevent
terrorism
financing.
According
to
Coindesk,
this
move
would “speed
and
automate
the
process
to
sanction ‘foreign
digital
asset
transaction
facilitators,’
including
crypto
exchanges
linked
to
users
who
support
terrorism
groups.”

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

Crypto
Industry
Response

Despite
the
significance
of
the
bill,
crypto
industry
insiders
believe
the
provision
might
not
survive
the
budget
process.
Cody
Carbone,
the
chief
policy
officer
for
the
Digital
Chamber,
told
Coindesk
that
there
would
likely
be
pushback
from
the
industry,
potentially
leading
to
its
removal
from
the
National
Defense
Authorization
Act
(NDAA).
This
potential
removal
could
ease
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
splits
responsibility
for
cryptocurrency
regulation
between
the
Securities
and
Exchange
Commission
(SEC)
and
the
Commodities
Futures
Trading
Commission
(CFTC)
and
has
received
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.

Trump’s
Endorsement
and
Industry
Growth

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

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

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
gain
more
mainstream
attention
and
political
endorsement
technologies
like
BlockDAG
Network
could
play
a
crucial
role
in
the
industry
and
lead
to
substantial
returns
for
both
new
and
existing
venture
capitalists.

The
legislative
developments,
coupled
with
favorable
regulatory
changes
and
high-profile
endorsements,
set
the
stage
for
a
significant
market
rally.
investors
should
prepare
for
a
potential
surge
“very
soon,”
as
the
bill’s
positive
impact
on
the
crypto
ecosystem
could
trigger
a
substantial
increase
in
the
value
of
many
digital
assets
including
Bitcoin,
Ethereum, BlockDAG
Network,
and
other
major
altcoins,
making
the
industry
more
robust
and
appealing
to
more
investors.