A United States Congress committee has unanimously passed a pro-blockchain bill, which would task the U.S. commerce secretary with promoting blockchain deployment and thus potentially increasing the country’s use of blockchain technology.On Dec. 5, the House Committee on Energy and Commerce voted 46–0 to pass H.R. 6572, the Deploying American Blockchains Act of 2023, in a session aiming to clear 44 pieces of legislation. The 13-page blockchain bill would direct Secretary of Commerce Gina Raimondo to “take actions necessary and appropriate to promote the competitiveness of the United States related to the deployment, use, application, and competitiveness of blockchain technology or other distributed ledger technology.”Cody Carbone, the policy head for blockchain advocacy group the Chamber of Digital Commerce, commended the committee for passing the bill on X (formerly Twitter), saying it will “help preserve U.S. leadership in blockchain development, which is sorely needed.”Thank you @RepLarryBucshon and @RepLBR ! This bipartisan bill will help preserve U.S. leadership in blockchain development, which is sorely needed. If you think not, China currently owns 84% of all blockchain patents. It’s time for the U.S. to step up. This bill helps. https://t.co/fVsFrgJzJy— Cody Carbone (@CodyCarboneDC) December 6, 2023
Before its passing, Blockchain Association CEO Kristin Smith said the bill “rightfully advances our nation’s competitiveness in this nascent space.”The bill covers an array of actions the commerce secretary must take if passed, including making best practices, policies and recommendations for the public and private sector when using blockchain tech.A “Blockchain Deployment Program” would be created to support the technology’s use. It would also establish government advisory committees to support blockchain adoption with federal agency representatives, blockchain industry stakeholders, experts and others forming its membership.Related: ‘If I was the government, I’d close it down’ — JPMorgan CEO on cryptoIt would also see the country promote blockchain leadership and improve coordination for federal agencies wanting to use blockchain tech. Studies will also be undertaken on federal agencies’ current use of blockchain and their future preparedness to adopt the tech. The pro-crypto bill is one of at least 50 floating around Congress since 2022, which has been hamstrung in 2023 without a speaker in the House of Representatives.The act, however, isn’t seen as being among those having a potentially major impact, such as the Financial Innovation and Technology for the 21st Century Act, which would affirm a process for the contentious issue of labeling cryptocurrencies as commodities or securities and clarify regulator jurisdictions.The bill will now go to the House for a vote. If passed, it must also pass in the Senate before returning for final congressional and presidential approval.Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US
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