The House committee approved a bill to ‘protect America’s leadership’ in blockchain
A US House committee has unanimously approved pro-blockchain legislation that would encourage the US Secretary of Commerce to promote blockchain diffusion and thereby increase the nation's use of blockchain technology.
On December 5, the House Committee on Energy and Commerce voted 46-0 to approve HR 6572, the US Blockchain Act of 2023, during a session aimed at clearing 44 laws.
The 13-page blockchain law directs Commerce Secretary Gina Raimondo to take “necessary and appropriate actions to enhance the competitiveness of the United States with respect to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology.”
Digital Commerce Chamber blockchain advocacy group Cody Carbone, head of policy, praised the committee on X (Twitter) for passing the bill, saying, “It will help preserve America's leadership in much-needed blockchain development.”
Thank you @RepLarryBucshon and @RepLBR! This bipartisan bill will help maintain America's leadership in blockchain development, which is vital.
In case you haven't guessed, China currently owns 84% of all blockchain patents. It's time for America to step up.
This math helps. https://t.co/fVsFrgJzJy
— Cody Carbone (@CodyCarboneDC) December 6, 2023
Before its passage, Christine Smith, CEO of the Blockchain Association, said the bill would “really boost our nation's competitiveness in this nascent space.”
The bill covers steps the Commerce Secretary would take if passed, including best practices, policies and recommendations for the public and private sector when using blockchain technology.
A “Blockchain Deployment Program” will be created to support the use of the technology. It will also establish government advisory committees to support blockchain adoption with federal agency representatives, blockchain industry stakeholders, experts and other members.
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It will also see the country promote blockchain leadership and improve coordination among federal agencies interested in using blockchain technology. Studies will also be conducted on federal agencies' use of blockchain and their readiness to adopt the technology in the future.
It's one of at least 50 pro-crime bills floating around Congress starting in 2022 — this year stalled without a House speaker.
The act, however, is not seen as one of the most impactful 21st century financial innovations and technologies – confirming and clarifying the contentious process of labeling cryptocurrencies as commodities or securities. Regulatory powers.
The bill now goes to the House for a vote. If passed, it must pass through the Senate before returning for final congressional and presidential approval.
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