The U.S. House Committee on Energy and Commerce Passes the Deploying American Blockchains Act
The U.S. House Committee on Energy and Commerce has unanimously passed the Deploying American Blockchains Act of 2023, which aims to boost the nation’s use of blockchain technology. The bill received a 46-0 vote and represents a significant step towards increasing the adoption of blockchain in the country.
Legislation to Enhance Technological Competitiveness
The legislation, consisting of a concise 13-page document, mandates Secretary of Commerce Gina Raimondo to engage in activities that enhance the United States’ competitive edge in deploying and utilizing blockchain and other distributed ledger technologies. This initiative aligns with the national interest in improving technological competitiveness.
Praise for the Bill’s Importance
Cody Carbone, the policy head of the Chamber of Digital Commerce, praised the committee’s decision, emphasizing the bill’s critical role in maintaining U.S. leadership in blockchain development. Kristin Smith, CEO of the Blockchain Association, also acknowledged the bill’s significance in advancing the nation’s position in this emerging sector.
Directives for the Commerce Secretary
The bill includes several directives for the commerce secretary, such as developing best practices and policy recommendations for blockchain usage in both public and private sectors. It also proposes establishing a blockchain deployment program and advisory committees consisting of federal agency representatives, industry stakeholders, and experts to foster blockchain adoption across various sectors.
Impact on Financial Technology Reforms
While there have been at least 50 similar bills circulating in Congress since last year, this legislation does not appear to significantly impact broader financial technology reforms. The Financial Innovation and Technology for the 21st Century Act addresses issues such as cryptocurrency classification and regulatory jurisdictions.
Next Steps for the Deploying American Blockchains Act
The Deploying American Blockchains Act will now proceed to the House for a vote. If successful, it will need to clear the Senate and receive final approval from Congress and the President before becoming law.
Hot Take: The Importance of Advancing U.S. Leadership in Blockchain Development
The passage of the Deploying American Blockchains Act is a significant step towards enhancing the United States’ position in blockchain technology. By mandating activities that promote the use of blockchain and other distributed ledger technologies, this legislation aims to boost technological competitiveness and maintain U.S. leadership in this emerging sector. With bipartisan support and recognition from industry experts, it demonstrates the country’s commitment to staying at the forefront of blockchain innovation. As the bill moves forward in the legislative process, its success would signal a positive development for blockchain adoption and implementation in various sectors.
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