House Committee Approves Deploying American Blockchains Act
The House Committee on Energy has unanimously approved a new piece of legislation called the “Deploying American Blockchains Act.” The bill aims to promote the competitiveness of the United States in blockchain technology and other distributed ledger technology (DLT).
What the Bill Entails
According to the brief, the bill directs the Secretary of Commerce to support the deployment, use, application, and competitiveness of blockchain technology and DLT. The Secretary of Commerce would serve as the principal advisor to the President on blockchain-related policy issues. Additionally, the bill requires the Secretary of Commerce to lead a “Blockchain Deployment Program” that supports American leadership in blockchain technology.
Support from Industry Leaders
The bill, led by Congresswoman Lisa Blunt Rochester and Congressman Larry Bucshon, has received approval from industry leaders such as the Blockchain Association and the Chamber of Digital Commerce. They believe that this legislation is crucial for preserving U.S. leadership in blockchain development.
Future of the Bill
The Deploying American Blockchains Act is one of many crypto-related bills introduced for approval recently. Its future is uncertain, as it needs to pass a full vote on the House floor and then receive approval from the Senate and President Biden.
Hot Take: Pro-Blockchain Legislation Advances in Congress
The House Committee’s unanimous approval of the Deploying American Blockchains Act is a significant step forward for blockchain technology in the United States. This bipartisan legislation aims to enhance U.S. competitiveness in this rapidly evolving field. With support from industry leaders, it has a strong chance of moving forward. However, it still faces further hurdles before becoming law, including votes in both chambers of Congress and final approval from President Biden. If passed, this bill could pave the way for increased adoption and innovation in blockchain technology, strengthening the U.S. economy and global competitiveness.
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