Will Congress help the United States reclaim its “leadership role” in blockchain?

As blockchain technology becomes increasingly integrated into traditional finance, Antoine MoroCEO of Provenance Blockchain Labscalls for regulatory clarity to position the United States as a leader in digital assets. Moro, who will speak at the upcoming Benzinga Future of Digital Assets event, spoke about the urgent need for updated regulations directly addressing blockchain and digital assets.

Role of Congress in Blockchain Policy

Moro noted that while traditional financial regulations remain in place, they often fail to include blockchain terminology or adequately consider the technology’s capabilities. “Congress has several critical tasks to complete to ensure that the United States returns to a leadership role in Web 3.0 technology, cryptography and blockchain,” Moro said.

He noted that conflicting standards can hinder blockchain integration, making it essential that Congress engages with the industry to foster greater regulatory clarity.

Bringing Banks to Custody of Digital Assets

Another regulatory hurdle raised by Moro is the limited role that U.S. banks can play in managing digital assets. Moro argued that allowing banks to participate in the custody and transactions of digital assets would increase blockchain adoption and provide consumers with access to more cost-effective and efficient technology.

“This more pro-crypto congress will be able to invite the industry into a productive discussion leading to regulatory clarity,” he added.

Boosting Access to Blockchain for Institutions and Consumers

Moro’s vision for American 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 discussions in Congress could propel blockchain technology forward, positioning the United States as a leader world of Web 3.0 and digital finance.

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

Cryptocurrency photo by CMP_NZ on Shutterstock