XRP Poised for Growth as Congressman Introduces Bridge Digital Assets Act
- American Congressman John Rose just proposed a major BRIDGE Bill to Congress.
- This Bill might favor XRP despite the community’s disagreement on whether it is a direct endorsement for individual crypto projects.
U.S. Republican Congressman John Rose of Tennessee introduced a new bill for the crypto space on September 10, 2024. The proposed legislation dubbed the “BRIDGE Digital Assets Act,” could set XRP up for massive price increases.
Details of the Bridge Digital Assets Act
The bill seeks to establish the Joint Advisory Committee on Digital Assets and for other purposes. While not many details were given about the bill, the title provides some insight into its scope.
The acronym “BRIDGE” stands for Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets. This implies that the proposal seeks to provide a consistent legal framework that strikes a balance between protection and innovation in the digital asset ecosystem.
The formation of a Joint Advisory Committee on Digital Assets suggests a cooperative strategy with participation from various stakeholders. They may include government agencies, financial institutions, and the tech community, bringing a broader perspective to the proposal.
Commenting on the bill, crypto influencer Amelie stated on X, “XRP = World bridge currency.”
Her comment suggests that the bill could have implications for XRP, a cryptocurrency often called a “world bridge currency.” Over the years, XRP has become a major asset in making financial payments, particularly cross-border remittances.
As Crypto News Flash discussed earlier, Ripple payments use XRP and the XRP Ledger to provide businesses with speed, access, and cost efficiency.
Discussions About Legal Implications of the Bridge Digital Assets
In response to Amelie’s post, many users agreed that XRP is the plan for the “BRIDGE Digital Assets Act.” However, Spencer Paul, a crypto enthusiast, offered a contrary opinion. “Yes, it’s called ‘bridging regulations.’ Doesn’t seem like it’s to do with bridge digital assets such as XRP,” Spencer stated.
Spencer offers a more pragmatic view by emphasizing “bridging regulations.” This implies that the bill may be more concerned with regulatory harmonization between jurisdictions than with endorsing any one crypto, such as XRP.
Another user, Neo, raises concern about the potential for the US Securities and Exchange Commission (SEC) to exert greater control over digital assets.
“This bill would only empower the SEC by giving it legal authority to impose whatever regulations they wish,” Neo noted.
Neo’s remark echoes the ongoing conflict between crypto advocates and regulators, particularly as the SEC continues to pursue enforcement actions against several crypto platforms and projects.
Implications for XRP
For XRP, regulatory clarity could pave the way for greater institutional adoption and use in financial ecosystems, setting it up for future price gains.
As mentioned in our earlier post, XRP has been trading sideways in the past few weeks amid a broader market downturn. However, crypto analyst Crypto Bull on X believes XRP is headed for a mega rally. According to the analyst, if it follows historical patterns, XRP could rise as high as $227, a 38,500% rise from its current price.
At press time, XRP was trading at $0.572, down by 2.68% in the past 24 hours, with a market cap of $32.2 billion.
