The United States House Committee on Energy and Commerce has approved two legislative bills to galvanise a more in-depth analysis of blockchain technology in government, according to Cointelegraph.
Enrolling Blockchain Bill
On 9 September, Chamber of Digital Commerce founder Perianne Boring and Democratic Representative of Florida’s 9th District Darren Soto announced in an online debate that the House Committee on Energy and Commerce had passed the Digital Taxonomy Act and the American COMPETE Act.
Consequently, both bills will go to the main floor of the US House of Representatives for a vote, reported Cointelegraph.
The Purpose of Blockchain Bill
Above all, the bills propose directing the US Secretary of Commerce, in consultation with the Federal Trade Commission (FTC), “to conduct a study and submit to Congress a report on the state of the blockchain technology and use in consumer protection, and for other purposes,” Cointelegraph reported.
What if the Bill Becomes Law?
If the Digital Taxonomy Act passes in Congress, it would require the FTC to report on recommendations regarding unfair and deceptive practices related to digital tokens.
Meanwhile, the American COMPETE Act would require the Department of Commerce to review this study. It must also report to Congress on the state of artificial intelligence, quantum computing, blockchain, and new related industries.
For blockchain and cryptocurrency enthusiasts, Rep. Soto is likely a familiar name due to his role as co-chairman of the Blockchain Caucus. The caucus is a congressional group focused on blockchain-related policy.
In addition, Soto sponsored the first bill with Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA).
To clarify, Soto believes the US government is tackling the emergence of the digital economy with a lack of understanding. This is holding the country back from building a competitive cryptocurrency sector.
“That’s our biggest obstacle. It’s not partisanship — it’s ignorance that we battle against. These reports familiarise everybody,” Soto emphasised.
“We have long-term goals working with the digital chamber to get a cryptocurrency centre of excellence in the Department of Commerce to really help work on the various different ways blockchain can be utilised,” added Soto. “Whether it’s in financial transactions, keeping communications secure, whether it’s keeping data secure.”
Thus, the Congressional Blockchain Caucus has written a letter to President Donald Trump. In it, they recommended adopting blockchain to help address the problems of the Covid-19 pandemic, according to Enterprise Times.
The letter stated, “The membership of the Congressional Blockchain Caucus urges your consideration, support, and implementation of utilizing blockchain technology that could greatly mitigate the effects of the Coronavirus.”