As blockchain technology continues its rapid integration into mainstream finance, Anthony Moro, CEO of Provenance Blockchain Labs, is calling for a clear and comprehensive regulatory framework to solidify the U.S.’s position as a global leader in the digital asset arena. Moro, who will be speaking at the upcoming Benzinga Future of Digital Assets event, emphasizes the urgent need for updated regulations that specifically address blockchain and digital assets, arguing that existing frameworks fail to adequately capture the unique characteristics and potential of this revolutionary technology.
A Call for Congressional Action
Moro points out that while traditional financial regulations remain in place, they often fall short when it comes to blockchain terminology and the nuanced capabilities of the technology. He believes that Congress has a critical role to play in ensuring the U.S. maintains its leadership in Web 3.0, crypto, and blockchain technology, highlighting the potential roadblocks that conflicting regulatory standards can create for widespread blockchain adoption. He advocates for proactive engagement between Congress and the blockchain industry to foster greater regulatory clarity.
Empowering Banks with Digital Asset Custody
Another critical point Moro raises is the limited role currently afforded to U.S. banks in handling digital assets. He argues that allowing banks to participate in digital asset custody and transactions would significantly boost blockchain adoption and provide consumers with access to more efficient and cost-effective technologies. Moro believes that this shift would create a more conducive environment for innovation and growth in the digital asset space.
A Vision for a More Inclusive Digital Asset Future
Moro envisions a balanced regulatory framework that supports both financial institutions and consumers, fostering a more inclusive digital asset ecosystem. He believes that this approach, by aligning modern blockchain applications with existing structures, can maximize efficiency and transparency while ensuring that all stakeholders benefit from the transformative potential of blockchain technology.
A Call for Proactive Leadership
As Moro prepares to delve deeper into these critical issues at the Benzinga Future of Digital Assets event, he remains optimistic that proactive discussions with Congress can propel blockchain technology forward and secure the U.S.’s position as a global leader in Web 3.0 and digital finance. The future of digital assets is undeniably intertwined with regulatory clarity and strategic action, and the Benzinga Future of Digital Assets event in New York City this November will provide a valuable platform for industry leaders and investors to explore these critical developments further.
