US House of Representatives Passes Pro-Blockchain 'Deploying American Blockchains Act of 2023'
Summary:
The US House of Representatives has passed the bipartisan Deploying American Blockchains Act of 2023, which tasks the Secretary of Commerce with taking necessary actions to promote US competitiveness in blockchain technology. The bill also establishes an advisory committee and annual reporting to Congress. Two other blockchain-related bills were also passed, all of which now await consideration in the Senate.
Amid anticipation for the US House of Representatives’ vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act, a less grand but pro-cryptocurrency bill has been passed: The Deploying American Blockchains Act of 2023. This bill, with votes tallied at 334 for and 79 against, is a bipartisan effort that tasks the Secretary of Commerce — currently held by Gina Raimondo — to undertake measures deemed necessary to boost America's competitiveness in blockchain or similar distributed ledger technology arenas. As per the bill, the secretary will serve as the chief presidential advisor on blockchain. Other responsibilities include policy creation, research, and technology promotion. The bill also calls for an advisory committee consisting of representatives from government, industry, academia and culture, along with an annual report to Congress.
Lisa Blunt Rochester and Larry Bucshon, who are both without prior records on blockchain or cryptocurrency issues, introduced the bill. On the fifth of December, the House Committee on Energy and Commerce unsurprisingly authorized it, with endorsements from the Chamber of Digital Commerce and Blockchain Association.
The few opponents of the bill included cryptocurrency skeptics Sean Casten, Bill Foster, and Brad Sherman, with Harriet Hageman, a lower house colleague to pro-crypto senator Cynthia Lummis, as well. Casten was the primary sponsor of the Blockchain Integrity Act, introduced to the House on May 7, which calls for a two-year ban on crypto mixing services while the Treasury Department evaluates them. A vote has not yet been scheduled for this act.
The Deploying American Blockchains Act was approved by the House on May 15. Two additional bills related to blockchain— the Consumer Safety Technology Act and the Promoting Resilient Supply Chains Act — were accepted the same day. All these bills are now set to be considered in the Senate.
Currently, up to 50 bills concerning cryptocurrency are under various stages of review in the U.S Congress.
Published At
5/21/2024 12:14:11 AM
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