US Congress Committee Passes Deploying American Blockchains Act
The United States Congress Committee on Energy and Commerce has achieved a significant milestone by unanimously passing the Deploying American Blockchains Act of 2023. The bill, which was part of a comprehensive session tackling 44 pieces of legislation, aims to embrace blockchain technology and promote the country’s competitiveness in this field.
Secretary of Commerce Empowered to Develop Implementation Guidelines
The legislation empowers the Secretary of Commerce to take essential actions that promote the adoption and competitiveness of blockchain technology. The Secretary will serve as the principal advisor to the President, providing policy guidance on various aspects related to applications, tokens, and tokenization.
Promoting Adoption and Competitiveness
The Deploying American Blockchains Act includes provisions to advance the adoption and competitiveness of blockchain technology within the United States. One key provision involves establishing “best practices” under the guidance of the Secretary of Commerce. These guidelines will assist various sectors in effectively deploying Distributed Ledger Technologies (DLT) and enhancing their capabilities.
The legislation also requires the Secretary of Commerce to formulate policies and recommendations on important issues such as decentralized identity, cybersecurity, key storage, fraud reduction, regulatory compliance, and healthcare applications. The objective is to address risks and challenges related to DLT and ensure a secure environment for its utilization.
Coordination Among Federal Agencies
The legislation emphasizes coordination among federal agencies to facilitate seamless adoption and implementation of blockchain technology. Collaboration and information sharing are encouraged to effectively deploy DLT and associated applications. The legislation also examines how federal agencies can benefit from utilizing blockchain technology while identifying security measures to protect critical infrastructure.
Establishment of Blockchain Deployment Program
The legislation establishes a Blockchain Deployment Program aimed at supporting the deployment and utilization of DLT, applications, tokens, and tokenization. This program reinforces American leadership in blockchain technology.
Hot Take: Deploying American Blockchains Act Enhances US Competitiveness in Blockchain Ecosystem
The passage of the Deploying American Blockchains Act is a significant step towards fostering blockchain technology adoption within the United States. By providing a clear legislative framework and promoting the country’s competitiveness in this field, the Act positions the United States as a key player in the global blockchain ecosystem.
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