U.S. House Committee Unanimously Passes Blockchain Promotion Bill
Summary:
The Deploying American Blockchains Act of 2023 has been unanimously approved by the United States House Committee on Energy and Commerce, aiming to enhance the nation's application and deployment of blockchain technologies. The bill covers the creation of necessary practices, policies, and recommendations for the proficient use of blockchain technology in both the private and public sectors. A "Blockchain Deployment Program" and government advisory committees are to be established to support blockchain adoption. The bill, now approved by the House Committee, will require approval from the Senate and the President before becoming law.
The Deploying American Blockchains Act of 2023, aimed at accelerating blockchain deployment across the nation, has received unanimous approval from the United States House Committee on Energy and Commerce. The committee hopes the legislation will enhance the adoption of blockchain technologies within the U.S. Thoroughly examined and discussed on December 5, the proposed law, known as H.R. 6572, sailed through with a 46-0 endorsement. The Act, expanding across 13 pages, focuses on empowering the Secretary of Commerce Gina Raimondo, to undertake the necessary steps to enhance the nation's competitiveness in relation to the application and deployment of distributed ledger technologies, including blockchain.
Cody Carbone, leading policy advocate for the Chamber of Digital Commerce, expressed his commendation of the committee's approval on a social media platform (Twitter), emphasizing its significance in securing the U.S.'s leading role in blockchain advancement. He stated that the bipartisan endorsement is crucial at a time when China holds an alarming 84% of all blockchain patent rights.
Prior to its approval, CEO of the Blockchain Association, Kristin Smith, recognized the vital role the act plays in boosting the nation's competitive footing within the realm of evolving blockchain technologies. The proposed law outlines several vital actions to be undertaken by the commerce secretary, such as framing guidelines, policies, and recommendations to facilitate the effective use of blockchain technologies across both public and private sectors. The act also calls for the establishment of a "Blockchain Deployment Program," advocating for industry-wide usage of this innovative technology.
A government advisory panel would also be formed to advise federal agencies on the adoption of blockchain technologies. The panel will comprise representation of federal agencies, industry stakeholders, subject matter experts, among others. It also calls for promoting the U.S.'s leadership in the blockchain sector and improving intra-agency coordination to effectively utilize this technology. Comprehensive evaluation studies examining the current application and future potential of blockchain within federal agencies are also incorporated in the law's provisions.
This pro-blockchain law is among at least 50 others floating within the Congressional circles since last year. However, without a designated House speaker, their progress has been considerably slow. The Deploying American Blockchains Act, although not anticipated to cause major ripples, shall nonetheless address important issues, unlike bills such as the Financial Innovation and Technology for the 21st Century Act, which aims to sort contentious issues like the classification of cryptocurrencies. The next step for the bill is to gain approval from the House, post which it will progress through the Senate, and then await presidential and final Congressional sanction.
Published At
12/7/2023 5:35:38 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.