House Committee passes bill to ‘preserve U.S. leadership’ in blockchain

A United States Home Committee has unanimously handed a pro-blockchain invoice, which might activity the U.S. commerce secretary to advertise blockchain deployment and thus doubtlessly improve the nation’s use of blockchain know-how.

On Dec. 5, the Home Committee on Vitality and Commerce voted 46-Zero to cross H.R. 6572, the Deploying American Blockchains Act of 2023, in a session aiming to clear 44 items of laws.

The 13-page blockchain invoice would direct Secretary of Commerce Gina Raimondo to “take actions obligatory and applicable to advertise the competitiveness of the US associated to the deployment, use, utility, and competitiveness of blockchain know-how or different distributed ledger know-how.”

Cody Carbone, the coverage head for blockchain advocacy group the Chamber of Digital Commerce, recommended the committee for passing the invoice on X (Twitter), saying it’s going to “assist protect U.S. management in blockchain growth, which is sorely wanted.”

Thanks @RepLarryBucshon and @RepLBR ! This bipartisan invoice will assist protect U.S. management in blockchain growth, which is sorely wanted.

In the event you suppose not, China presently owns 84% of all blockchain patents. It is time for the U.S. to step up.

This invoice helps. https://t.co/fVsFrgJzJy

— Cody Carbone (@CodyCarboneDC) December 6, 2023

Earlier than its passing, Blockchain Affiliation CEO Kristin Smith said the invoice “rightfully advances our nation’s competitiveness on this nascent area.”

The invoice covers an array of actions the commerce secretary should take if handed, together with making greatest practices, insurance policies and suggestions for the private and non-private sector when utilizing blockchain tech.

A “Blockchain Deployment Program” can be created to help the know-how’s use. It could additionally set up authorities advisory committees to help blockchain adoption with federal company representatives, blockchain trade stakeholders, consultants and others forming its membership.

Associated: ‘If I used to be the federal government, I’d shut it down’ — JPMorgan CEO on crypto

It could additionally see the nation promote blockchain management and enhance coordination for federal companies wanting to make use of blockchain tech. Research on federal companies’ present use of blockchain and their future preparedness to undertake the tech will even be undertaken.

The professional-crypto invoice is one among a minimum of 50 floating round Congress since 2022 — which has been hamstrung this 12 months with no Home speaker.

The act, nonetheless, isn’t seen as being amongst these having a doubtlessly main affect, such because the Monetary Innovation and Expertise for the 21st Century Act — which might affirm a course of for the contentious situation of labeling cryptocurrencies as commodities or securities and make clear regulator jurisdictions.

The invoice will now go to the Home for a vote. If handed, it might want to make its approach by way of the Senate earlier than returning for remaining Congressional and presidential approval.

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